1 00:00:02,520 --> 00:00:08,800 Speaker 1: Bloomberg Audio Studios podcasts, radio news, The. 2 00:00:08,880 --> 00:00:13,160 Speaker 2: Stock Movers podcast, your roundup of companies making moves in 3 00:00:13,200 --> 00:00:16,480 Speaker 2: the stock market, harnessing the power of Bloomberg Data. 4 00:00:17,760 --> 00:00:19,520 Speaker 3: Let's take a look at some stocks on the move 5 00:00:19,600 --> 00:00:22,799 Speaker 3: today here in Europe. I'm Caroline Hepget with Tom McKenzie 6 00:00:22,800 --> 00:00:25,880 Speaker 3: and we're joined by Bloomberg's Equities Report to Joe Easton. 7 00:00:26,079 --> 00:00:29,920 Speaker 3: Good morning, Really big day for renewable energy stocks. What's 8 00:00:30,000 --> 00:00:31,280 Speaker 3: driving the surge today? 9 00:00:31,640 --> 00:00:34,360 Speaker 1: Yes, this is really interesting. So news out last night 10 00:00:34,520 --> 00:00:38,160 Speaker 1: that the US House Republicans proposing to eliminate a tax 11 00:00:38,240 --> 00:00:41,879 Speaker 1: credit for electric vehicles and also phase out incentives to 12 00:00:41,960 --> 00:00:45,479 Speaker 1: develop clean energy projects, so we're talking wind and also 13 00:00:45,600 --> 00:00:48,720 Speaker 1: solar as well. However, it wasn't as bad as some 14 00:00:48,760 --> 00:00:51,400 Speaker 1: people as feared. So some people did expect that to 15 00:00:51,440 --> 00:00:54,240 Speaker 1: be actually phased out within the next two years, but 16 00:00:54,320 --> 00:00:57,000 Speaker 1: in fact companies are going to have it until twenty 17 00:00:57,120 --> 00:01:00,440 Speaker 1: thirty one to continue getting these credits. It's seen better 18 00:01:00,480 --> 00:01:03,680 Speaker 1: than expected in terms of where the market was, and 19 00:01:03,720 --> 00:01:06,120 Speaker 1: we're seeing massive moves in the market in terms of 20 00:01:06,120 --> 00:01:09,360 Speaker 1: the renewable stocks. VE that's the best performing stock in 21 00:01:09,360 --> 00:01:12,440 Speaker 1: Europe today. It's up twelve percent at the moment, all 22 00:01:12,520 --> 00:01:16,120 Speaker 1: Stared rising around five percent, edp over in Portugal another 23 00:01:16,120 --> 00:01:18,600 Speaker 1: big one up around five percent. There's probably around a 24 00:01:18,640 --> 00:01:21,600 Speaker 1: dozen stocks on my screen at the moment jumping because 25 00:01:21,600 --> 00:01:24,240 Speaker 1: of this news. Kind of another case where Trump has 26 00:01:24,280 --> 00:01:26,480 Speaker 1: probably gone a bit hard in the terms of the 27 00:01:26,520 --> 00:01:29,759 Speaker 1: negotiations and then actually it hasn't been as extreme as 28 00:01:29,800 --> 00:01:31,000 Speaker 1: expected by the market. 29 00:01:31,120 --> 00:01:35,360 Speaker 3: We're talking of the farmer industry buyer up double digits 30 00:01:35,640 --> 00:01:38,319 Speaker 3: right now that German chemicals make here, but also the 31 00:01:38,360 --> 00:01:40,240 Speaker 3: litigation story continues for them, doesn't it. 32 00:01:40,440 --> 00:01:43,720 Speaker 1: Yeah, so by looking really strong as well, so kind 33 00:01:43,720 --> 00:01:45,680 Speaker 1: of catching us by surprise in terms of that move. 34 00:01:45,720 --> 00:01:47,880 Speaker 1: We're up ten percent at the moment, so I think 35 00:01:47,920 --> 00:01:50,680 Speaker 1: if I managed to pull that up on my screen 36 00:01:50,720 --> 00:01:53,200 Speaker 1: in terms of the size and scope live, we can 37 00:01:53,280 --> 00:01:55,680 Speaker 1: see that that is the biggest game since August. So 38 00:01:55,760 --> 00:01:58,840 Speaker 1: we're talking a good well coming up to around ten months. 39 00:01:58,840 --> 00:02:02,240 Speaker 1: So that one so BIA surge. The earnings been expectations 40 00:02:02,400 --> 00:02:07,200 Speaker 1: on robust demand for new cancer and kidney medicines. Now, 41 00:02:07,320 --> 00:02:10,320 Speaker 1: as you mentioned, the company has really been hit by 42 00:02:10,400 --> 00:02:13,880 Speaker 1: the litigation issues over the past year or so or 43 00:02:13,919 --> 00:02:16,440 Speaker 1: the past few years. In fact, more related to chemicals 44 00:02:16,440 --> 00:02:19,200 Speaker 1: but it looks like the farmer business is really strong 45 00:02:19,240 --> 00:02:22,040 Speaker 1: at the moment and that is the driver for the company. 46 00:02:22,040 --> 00:02:24,120 Speaker 1: So that was one of the best performers, pretty much 47 00:02:24,200 --> 00:02:27,200 Speaker 1: only beaten by Renewable, but by really having a good day, 48 00:02:27,400 --> 00:02:28,680 Speaker 1: up around ten percent of the moment. 49 00:02:29,240 --> 00:02:33,519 Speaker 3: Interesting, then not such good news for the insurer munich Rea. 50 00:02:34,160 --> 00:02:38,200 Speaker 3: Of course they've got big insurance claims in the US. 51 00:02:38,639 --> 00:02:41,240 Speaker 1: Yeah, so this was something that was kind of flagged 52 00:02:41,400 --> 00:02:45,040 Speaker 1: by the companies heading into results, and it's related to 53 00:02:45,160 --> 00:02:48,440 Speaker 1: the LA wild fires. So munich read today saying they're 54 00:02:48,480 --> 00:02:50,399 Speaker 1: going to take a one point one billion euro hit 55 00:02:50,840 --> 00:02:54,720 Speaker 1: from the fires over in the US and munich rebeing 56 00:02:54,720 --> 00:02:58,560 Speaker 1: one of the biggest reinsurers trading on the London Lloyd's 57 00:02:58,600 --> 00:03:01,000 Speaker 1: of London market doing all the down there and they 58 00:03:01,040 --> 00:03:04,560 Speaker 1: did have big exposure according to their statements day, and 59 00:03:04,560 --> 00:03:07,200 Speaker 1: that is actually more than an analysts were expecting some 60 00:03:07,400 --> 00:03:10,560 Speaker 1: munich Ree falling around five percent of the moment. It 61 00:03:10,639 --> 00:03:13,440 Speaker 1: does all seem to be due to that hit from 62 00:03:13,480 --> 00:03:17,160 Speaker 1: the fires over in Los Angeles were expected to cause 63 00:03:17,440 --> 00:03:21,200 Speaker 1: in total around sixty five billion dollars worth of economic 64 00:03:21,320 --> 00:03:24,760 Speaker 1: losses and up to forty billion in terms of insured losses. 65 00:03:24,840 --> 00:03:27,880 Speaker 1: Munich ree just taking a smidgeon of that, but therefore 66 00:03:28,080 --> 00:03:29,760 Speaker 1: seeing the stock declining today. 67 00:03:30,560 --> 00:03:34,680 Speaker 2: The Stock Movers podcast from Bloomberg Radio. Check back with 68 00:03:34,760 --> 00:03:37,520 Speaker 2: us throughout the day for the latest roundup of companies 69 00:03:37,560 --> 00:03:40,600 Speaker 2: making news on Wall Street and for the latest market 70 00:03:40,640 --> 00:03:45,040 Speaker 2: moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube, 71 00:03:45,080 --> 00:03:48,320 Speaker 2: Bloomberg dot com, and on Applecarplay and Android Otto with 72 00:03:48,400 --> 00:03:49,840 Speaker 2: the Bloomberg Business app.