Speaker 1: Bloomberg Audio Studios, podcasts, radio News.
Speaker 2: The Stock Movers Report, your roundup of companies making moves
Speaker 2: in 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 in Europe. I'm Stephen Carroll with Anna Edwards and
Speaker 3: we're joined by Bloomberg's Breaking These editor Louise Louise. Good morning.
Speaker 3: Of course, plenty of market reaction to the ceasefire news
Speaker 3: between the US and Iran. Let's start with airlines. Plenty
Speaker 3: of reaction there. How are the likes of Ryan Air
Speaker 3: doing exactly?
Speaker 1: Yeah, So airlines as a whole are soaring on the
Speaker 1: back of this news. Obviously, they've been severely disrupted since
Speaker 1: the war began. You know, firstly, major connection hubs have
Speaker 1: been disrupted, so flight's been canceled, re routed. And then
Speaker 1: also high energy prices and constrained supplies of fuel. So
Speaker 1: both of those, all of those factors have been hitting airlines.
Speaker 1: And so today, on the back of this news, airlines
Speaker 1: as a whole are soaring. They're making up ground, but
Speaker 1: they haven't, you know, fully recouped what they have lost
Speaker 1: since the war begam But as you say, Ryanair one
Speaker 1: of the key ones, up eleven as much as eleven
Speaker 1: percent this morning. Easy yet similar moves. IAG, the owner
Speaker 1: of British Airways, up about eight percent. And then this
Speaker 1: has been seen not just in London but across all
Speaker 1: of Europe. So in Germany you've got tuy which rose
Speaker 1: about twelve percent, of Hanza about ten per cents, all
Speaker 1: sowing on the back of this news. So as I say,
Speaker 1: it hasn't totally made up their losses. They've had severe
Speaker 1: losses really since in their stock since the since the
Speaker 1: warbgam but making some headway there.
Speaker 4: And let's just talk to the talk about the other
Speaker 4: end of that trade. I suppose Louise and that's the
Speaker 4: energy sector. It's really under pressure today. Oil price is
Speaker 4: considerably weaker. And we've also heard from Shell.
Speaker 1: Yeah, so Shell had their first quarter production update, which
Speaker 1: is significant in the sense of their the first kind
Speaker 1: of oil major to report to report official numbers since
Speaker 1: since the war broke out. So they have said that
Speaker 1: the oil trading was in their word, significantly higher than
Speaker 1: the previous quarters of profiting on the back of that
Speaker 1: volatile market, but doing little to move their shares in
Speaker 1: any positive direction. As you say, the focus is on
Speaker 1: oil's oil companies, you know, tracking that the stock in
Speaker 1: overall oil prices. So Shell shares down almost about seven
Speaker 1: percent BP about eight percent, and they're both kind of
Speaker 1: the key drags on the foot see hundred this morning.
Speaker 1: And again this is being seen all across Europe and
Speaker 1: also kind of in a similar way to airlines. It's
Speaker 1: that reversal of what's happened before. So oil has been,
Speaker 1: oil firms have been, you know that their shares have
Speaker 1: sawed since since the spagan and now they're seeing a
Speaker 1: bit of a reversal of that, but again not a
Speaker 1: full reversal, bit a bit of that.
Speaker 3: Yeah, and of course want to watch Clothes through the
Speaker 3: day as well, but away from the news coming out
Speaker 3: of the Middle East, some moves for Clothes Brothers this morning.
Speaker 1: Yes, so non Middle East related Close Brothers shares sawed
Speaker 1: as much as twenty three percent in early trading and
Speaker 1: they're still off about sixteen percent. That's after they said
Speaker 1: that they can cover the what they estimate the cost
Speaker 1: to be related to the motor finance scandal that's been
Speaker 1: ongoing in the UK. So this is the amount that
Speaker 1: Close Brothers will will have to compensate customers that were
Speaker 1: missold car loans. This is all based on the latest
Speaker 1: guidance from the FCA, which came out last week. So
Speaker 1: Close Brothers expects to face a three hundred and twenty
Speaker 1: million hit, which they say is broadly similar to the
Speaker 1: provisions that they kind of laid out in January. So
Speaker 1: they say no provision changes have been recognized and they
Speaker 1: think that they can absorb that. It's slightly more than
Speaker 1: they said in January. They said that can be absorbed
Speaker 1: by existing resources. They're one of the most exposed lenders
Speaker 1: to this, so very you know, their stock is very
Speaker 1: reactive for news on this. But obviously other banks, you know,
Speaker 1: a host of other banks also affected, and billions has
Speaker 1: been set aside to compensate customers. But for Close Brothers
Speaker 1: in particularly very exposed and also quite a boost after
Speaker 1: there was a report by short sellar Visory Research relatively
Speaker 1: recently claiming that Close Brothers' provisions were too small. So
Speaker 1: this is obviously countering that, so as I say, shares
Speaker 1: soaring on the back of that.
Speaker 2: In London, the Stockmovers report from Bloomberg Radio. Check back
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