Speaker 1: Bloomberg Audio Studios podcasts, radio news, The.
Speaker 2: Stock Movers podcast, your roundup of companies making moves in
Speaker 2: the stock market, harnessing the power of Bloomberg Data.
Speaker 3: Let's take a look at some stocks on the move
Speaker 3: today here in Europe. I'm Caroline Hepget with Tom McKenzie
Speaker 3: and we're joined by Bloomberg's Equities Report to Joe Easton.
Speaker 3: Good morning, Really big day for renewable energy stocks. What's
Speaker 3: driving the surge today?
Speaker 1: Yes, this is really interesting. So news out last night
Speaker 1: that the US House Republicans proposing to eliminate a tax
Speaker 1: credit for electric vehicles and also phase out incentives to
Speaker 1: develop clean energy projects, so we're talking wind and also
Speaker 1: solar as well. However, it wasn't as bad as some
Speaker 1: people as feared. So some people did expect that to
Speaker 1: be actually phased out within the next two years, but
Speaker 1: in fact companies are going to have it until twenty
Speaker 1: thirty one to continue getting these credits. It's seen better
Speaker 1: than expected in terms of where the market was, and
Speaker 1: we're seeing massive moves in the market in terms of
Speaker 1: the renewable stocks. VE that's the best performing stock in
Speaker 1: Europe today. It's up twelve percent at the moment, all
Speaker 1: Stared rising around five percent, edp over in Portugal another
Speaker 1: big one up around five percent. There's probably around a
Speaker 1: dozen stocks on my screen at the moment jumping because
Speaker 1: of this news. Kind of another case where Trump has
Speaker 1: probably gone a bit hard in the terms of the
Speaker 1: negotiations and then actually it hasn't been as extreme as
Speaker 1: expected by the market.
Speaker 3: We're talking of the farmer industry buyer up double digits
Speaker 3: right now that German chemicals make here, but also the
Speaker 3: litigation story continues for them, doesn't it.
Speaker 1: Yeah, so by looking really strong as well, so kind
Speaker 1: of catching us by surprise in terms of that move.
Speaker 1: We're up ten percent at the moment, so I think
Speaker 1: if I managed to pull that up on my screen
Speaker 1: in terms of the size and scope live, we can
Speaker 1: see that that is the biggest game since August. So
Speaker 1: we're talking a good well coming up to around ten months.
Speaker 1: So that one so BIA surge. The earnings been expectations
Speaker 1: on robust demand for new cancer and kidney medicines. Now,
Speaker 1: as you mentioned, the company has really been hit by
Speaker 1: the litigation issues over the past year or so or
Speaker 1: the past few years. In fact, more related to chemicals
Speaker 1: but it looks like the farmer business is really strong
Speaker 1: at the moment and that is the driver for the company.
Speaker 1: So that was one of the best performers, pretty much
Speaker 1: only beaten by Renewable, but by really having a good day,
Speaker 1: up around ten percent of the moment.
Speaker 3: Interesting, then not such good news for the insurer munich Rea.
Speaker 3: Of course they've got big insurance claims in the US.
Speaker 1: Yeah, so this was something that was kind of flagged
Speaker 1: by the companies heading into results, and it's related to
Speaker 1: the LA wild fires. So munich read today saying they're
Speaker 1: going to take a one point one billion euro hit
Speaker 1: from the fires over in the US and munich rebeing
Speaker 1: one of the biggest reinsurers trading on the London Lloyd's
Speaker 1: of London market doing all the down there and they
Speaker 1: did have big exposure according to their statements day, and
Speaker 1: that is actually more than an analysts were expecting some
Speaker 1: munich Ree falling around five percent of the moment. It
Speaker 1: does all seem to be due to that hit from
Speaker 1: the fires over in Los Angeles were expected to cause
Speaker 1: in total around sixty five billion dollars worth of economic
Speaker 1: losses and up to forty billion in terms of insured losses.
Speaker 1: Munich ree just taking a smidgeon of that, but therefore
Speaker 1: seeing the stock declining today.
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