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Speaker 2: Stock Movers Report, 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 now at some stocks on the
Speaker 3: move today in Europe. I'm Stephen Carroll and I'm joined
Speaker 3: by Bloomberg's Breaking News editor Louise Moan and Luise good morning.
Speaker 3: Let's start then with the moves that we are seeing
Speaker 3: in energy companies and the oil majors. As oil prices
Speaker 3: have spiked this morning.
Speaker 1: Indeed, yeah, the main focus of the market this morning,
Speaker 1: as say, oil prices spiked, surging past one hundred dollars
Speaker 1: a barrel. That's as more Middle Eastern countries are starting
Speaker 1: to cut their output. Essentially, there's not enough space for
Speaker 1: storage storages filling up due to the closure of homas,
Speaker 1: and so more countries are starting to reduce the output.
Speaker 1: The UAE Kuwait joining a rock with that, of course,
Speaker 1: others might be forced to also do the same going forward. Now,
Speaker 1: there's talks later today between the G seven finance ministers.
Speaker 1: They're going to talk about coordinating or potentially coordinating release
Speaker 1: of oil reserves. That has taken some slight heat out
Speaker 1: of the market, but essentially there's no signs of de
Speaker 1: escalation in the Middle East. Oil prices are surging and
Speaker 1: if you look at markets BP and Shell in London
Speaker 1: rising this morning, some of the only rises on the
Speaker 1: foot seat one hundred this morning. And then you look
Speaker 1: kind of widely more across Europe, you've got the likes
Speaker 1: of equinorvar Energy, both in Oslo also rising into the
Speaker 1: green on the back of this. So as you say
Speaker 1: energy oil companies benefiting from these this surgeon pricing.
Speaker 3: Indeed, another story of course being told of across the
Speaker 3: airline shares this morning.
Speaker 1: Yeah, they're at the other end of the scale, so
Speaker 1: this is really hitting airlines even further. Obviously, fuel costs
Speaker 1: will increase on the back of this. This is on
Speaker 1: top of a host of other woes the airlines are
Speaker 1: facing on the back of the Middle East water. More
Speaker 1: than twenty seven thousand canceled flights, jets are displaced across
Speaker 1: the world. Routes are changing. You know that these could
Speaker 1: potentially become more expensive because they have to go via
Speaker 1: longer routes to get to the destination. So total disruption
Speaker 1: of the aviation industry and this surgeon in costs this morning.
Speaker 1: Adding to that, So you've got in London, IAG ryanair Wiz,
Speaker 1: easy Jet all down across Europe to down more than
Speaker 1: three percent, air fronts down about five percent, So hitting
Speaker 1: the airlines today.
Speaker 3: And what about the wider commodity space and the miners,
Speaker 3: the likes of Anglo American.
Speaker 1: Yeah, it's a really interesting one that they're actually under
Speaker 1: pressure across Europe today. There was a note from JP
Speaker 1: Morgan which is kind of hitting that wider commodity sector. Essentially,
Speaker 1: they've reversed what was previously quite a positive view on
Speaker 1: the sector and they're saying that the impact of the
Speaker 1: Middle East is yet to be fully discounted. So they
Speaker 1: highlighted the Russia Ukraine war and the precedent that that
Speaker 1: had that set on the sector, and they said that
Speaker 1: the reaction so far in the commodities and the miners
Speaker 1: seems to be benign from the Middle East war. So
Speaker 1: while they still see quite what they say, compelling longer
Speaker 1: term outlook, particularly for copper, and they're still very bullish
Speaker 1: on gold, that's being overshadowed by these near term risks.
Speaker 1: So they issued a lot of downgrades across the sector,
Speaker 1: mostly concentrating on copper and on steels. As you say,
Speaker 1: Anglo American Antofagasta Rio Tinto all Cut Anglo leading the
Speaker 1: drags on the Footsie hundred this morning, and then across Europe
Speaker 1: basic resources the Basic resources index was the worst performer.
Speaker 1: What is the worst perform on the stocks six hundred,
Speaker 1: so a lot of pressure there.
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