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Speaker 1: Bloomberg Audio Studios, podcasts, radio news, The.

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Speaker 2: Stock Movers podcast, your roundup of companies making moves in

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Speaker 2: the stock market, harnessing the power of Bloomberg Data.

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Speaker 1: Let's take a look at some of the stocks on

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Speaker 1: the move today in Europe. We're joined for that Buy

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Speaker 1: our Markets Today Editor Sam Onsted, Sam, good morning. Just

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Speaker 1: the UK to talk about today is that the European

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Speaker 1: markets are all closed. Let's start with the results out

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Speaker 1: of Lloyd's.

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Speaker 3: Yeah, so, I think for the most part what people

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Speaker 3: were watching for, particularly with Lloyd's was the motor finance

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Speaker 3: probe in the UK. No great update on that. You know,

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Speaker 3: we're in the midst of that of new judgments being

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Speaker 3: made there, so they're going to have to wait to

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Speaker 3: see if they have to put any more money aside

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Speaker 3: for that. Two though interesting dynamics in there. Costs were

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Speaker 3: a little bit higher than expected. That was almost entirely

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Speaker 3: because of the frontloading of severance payments, so people being

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Speaker 3: laid off by Lloyd's, they frontloaded those to the first quarter,

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Speaker 3: so their cost will go down as the year goes on,

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Speaker 3: but it's hit profit in the first quarter of the year.

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Speaker 3: And then the other thing is that they have put

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Speaker 3: a side not one hundred million pounds, because they've slightly

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Speaker 3: tweaked their economic forecasts and that's to cover the potential

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Speaker 3: hit from tariffs for the UK economy over the course

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Speaker 3: of the next year. So you could say, only one

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Speaker 3: hundred million pounds at the moment, not an enormous impairment

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Speaker 3: to take, but you know, not a great sign for

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Speaker 3: the way that they think the economy is going to look.

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Speaker 4: It's an impairment that wouldn't have been there pre April

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Speaker 4: and pre so called Liberation Day. So the tariff impact

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Speaker 4: being factored in by UK Bank. Lloyd's more on tariffs

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Speaker 4: because one of the worst hit corporate victims is also

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Speaker 4: in focus for you today, Gen store Nord. What's the

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Speaker 4: story there, Sam.

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Speaker 3: Yeah, so I mentioned you know, the UK is open today.

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Speaker 3: Denmark is the only other major European market that is

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Speaker 3: open today. Gen store Nord hearing aids. They have taken

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Speaker 3: a pretty significant tariff hit. So some of this had

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Speaker 3: already been priced in because there was an expectation that

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Speaker 3: they would take a hit because of parts moving over

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Speaker 3: and the US obviously being a major market for all

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Speaker 3: healthcare companies. But it's really slammed them kind of across

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Speaker 3: the board. You know, their guidance has been effectively pulled.

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Speaker 3: We've seen that from a couple of other companies, but

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Speaker 3: this is another one to add to the list, and

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Speaker 3: their shares falling a little bit in Copenhagen today on that,

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Speaker 3: but maybe not as much as may have been anticipated,

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Speaker 3: because some of this has already been priced in by

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Speaker 3: the volatility over the course of April.

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Speaker 1: Rolls Royce meanwhile saying it can power through the tariff chaos.

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Speaker 3: Yes, so, genstore Lord particularly poor, but actually, for the

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Speaker 3: most part, a lot of big companies, there's a lot

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Speaker 3: of uncertainty in their outlooks. So a lot of them

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Speaker 3: are saying that we you know, we can't totally predict

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Speaker 3: what's going to happen over the course of the next year.

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Speaker 3: But most of them appear to be fairly sanguine about

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Speaker 3: their ability to actually manage these costs. Rolls Royce a

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Speaker 3: company with huge supply chain parts, you know, coming from

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Speaker 3: all over the world. They feel as though they've already

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Speaker 3: done enough to mitigate in the lead up to the

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Speaker 3: reciprocal tarif announcement in April, that they should be able

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Speaker 3: to manage the effects over the course of the year.

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Speaker 3: Remember Rolls Royce one of the top performing stocks in

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Speaker 3: London over the course of the last couple of years

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Speaker 3: and rising again today.

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Speaker 4: Sam, if we just take a beat this Thursday, so

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Speaker 4: many of the earnings have come through more to comic

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Speaker 4: coal stateside with the focus on tech. What for you

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Speaker 4: been some of the key takeaways in the context of

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Speaker 4: this global trade war?

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Speaker 3: I mean, I think the really key thing you coming

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Speaker 3: into this, I think there was an expectation that you

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Speaker 3: might see what you saw at the beginning of the pandemic,

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Speaker 3: where guidance is just being pulled almost across the board

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Speaker 3: because there's so much uncertainty. Rather than the guidance being pulled,

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Speaker 3: I think what you're seeing is companies instead taking a

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Speaker 3: kind of a bit more of a wait and see approach,

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Speaker 3: lots of uncertainty to I think if you go through

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Speaker 3: earnings reports over the course of the last couple of

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Speaker 3: months into a search for uncertainty, you will find thousands

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Speaker 3: and thousands of mentions of it. That's been more the

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Speaker 3: dominant theme rather than actually kind of pulling guidance in

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Speaker 3: the way that we saw at the beginning of the pandemic,

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Speaker 3: but uncertainty, I would say, is raining.

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Speaker 2: The Stock Movers podcast from Bloomberg Radio. Check back with

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Speaker 3: Mm hmm