WEBVTT - Renewables Surge, Bayer Beats Estimates, Munich Re Underperforms 

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<v Speaker 1>Bloomberg Audio Studios podcasts, radio news, The.

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<v Speaker 2>Stock Movers podcast, your roundup of companies making moves in

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<v Speaker 2>the stock market, harnessing the power of Bloomberg Data.

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<v Speaker 3>Let's take a look at some stocks on the move

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<v Speaker 3>today here in Europe. I'm Caroline Hepget with Tom McKenzie

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<v Speaker 3>and we're joined by Bloomberg's Equities Report to Joe Easton.

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<v Speaker 3>Good morning, Really big day for renewable energy stocks. What's

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<v Speaker 3>driving the surge today?

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<v Speaker 1>Yes, this is really interesting. So news out last night

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<v Speaker 1>that the US House Republicans proposing to eliminate a tax

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<v Speaker 1>credit for electric vehicles and also phase out incentives to

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<v Speaker 1>develop clean energy projects, so we're talking wind and also

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<v Speaker 1>solar as well. However, it wasn't as bad as some

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<v Speaker 1>people as feared. So some people did expect that to

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<v Speaker 1>be actually phased out within the next two years, but

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<v Speaker 1>in fact companies are going to have it until twenty

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<v Speaker 1>thirty one to continue getting these credits. It's seen better

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<v Speaker 1>than expected in terms of where the market was, and

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<v Speaker 1>we're seeing massive moves in the market in terms of

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<v Speaker 1>the renewable stocks. VE that's the best performing stock in

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<v Speaker 1>Europe today. It's up twelve percent at the moment, all

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<v Speaker 1>Stared rising around five percent, edp over in Portugal another

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<v Speaker 1>big one up around five percent. There's probably around a

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<v Speaker 1>dozen stocks on my screen at the moment jumping because

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<v Speaker 1>of this news. Kind of another case where Trump has

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<v Speaker 1>probably gone a bit hard in the terms of the

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<v Speaker 1>negotiations and then actually it hasn't been as extreme as

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<v Speaker 1>expected by the market.

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<v Speaker 3>We're talking of the farmer industry buyer up double digits

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<v Speaker 3>right now that German chemicals make here, but also the

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<v Speaker 3>litigation story continues for them, doesn't it.

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<v Speaker 1>Yeah, so by looking really strong as well, so kind

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<v Speaker 1>of catching us by surprise in terms of that move.

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<v Speaker 1>We're up ten percent at the moment, so I think

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<v Speaker 1>if I managed to pull that up on my screen

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<v Speaker 1>in terms of the size and scope live, we can

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<v Speaker 1>see that that is the biggest game since August. So

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<v Speaker 1>we're talking a good well coming up to around ten months.

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<v Speaker 1>So that one so BIA surge. The earnings been expectations

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<v Speaker 1>on robust demand for new cancer and kidney medicines. Now,

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<v Speaker 1>as you mentioned, the company has really been hit by

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<v Speaker 1>the litigation issues over the past year or so or

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<v Speaker 1>the past few years. In fact, more related to chemicals

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<v Speaker 1>but it looks like the farmer business is really strong

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<v Speaker 1>at the moment and that is the driver for the company.

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<v Speaker 1>So that was one of the best performers, pretty much

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<v Speaker 1>only beaten by Renewable, but by really having a good day,

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<v Speaker 1>up around ten percent of the moment.

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<v Speaker 3>Interesting, then not such good news for the insurer munich Rea.

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<v Speaker 3>Of course they've got big insurance claims in the US.

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<v Speaker 1>Yeah, so this was something that was kind of flagged

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<v Speaker 1>by the companies heading into results, and it's related to

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<v Speaker 1>the LA wild fires. So munich read today saying they're

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<v Speaker 1>going to take a one point one billion euro hit

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<v Speaker 1>from the fires over in the US and munich rebeing

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<v Speaker 1>one of the biggest reinsurers trading on the London Lloyd's

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<v Speaker 1>of London market doing all the down there and they

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<v Speaker 1>did have big exposure according to their statements day, and

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<v Speaker 1>that is actually more than an analysts were expecting some

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<v Speaker 1>munich Ree falling around five percent of the moment. It

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<v Speaker 1>does all seem to be due to that hit from

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<v Speaker 1>the fires over in Los Angeles were expected to cause

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<v Speaker 1>in total around sixty five billion dollars worth of economic

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<v Speaker 1>losses and up to forty billion in terms of insured losses.

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<v Speaker 1>Munich ree just taking a smidgeon of that, but therefore

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<v Speaker 1>seeing the stock declining today.

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<v Speaker 2>The Stock Movers podcast from Bloomberg Radio. Check back with

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