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

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Speaker 2: Stock Movers Report, 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 3: Let's take a look at some stocks on the move

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Speaker 3: today in Europe. I'm Stephen Carroll with Lizzie Burton, and

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Speaker 3: we're joined by Bloomberg reporter Chloe Mela for more. Chloe,

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Speaker 3: good morning. Let's start with BNP. Pariba then shares down

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Speaker 3: two point six percent of the moment. Another item being

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Speaker 3: added to jeanre Bonafe, the CEO's growing list of challenges.

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Speaker 4: It seems, yeah, absolutely quite tough morning for the CEO.

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Speaker 4: So BNP said that his trading unit had suffered a

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Speaker 4: hit from souring debt in the third quarter, which actually

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Speaker 4: overshadowed what was otherwise really strong equities trading in that period.

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Speaker 4: So loarn loss provisions rose to a nine hundred million

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Speaker 4: euros and that included one hundred and ninety million at

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Speaker 4: the Global Markets unit to account for a specific credit situation.

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Speaker 4: So BNP actually didn't clarify what exactly, but the CFO

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Speaker 4: has suggested it wasn't linked to the collapse of Tricolor

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Speaker 4: or First Brands.

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Speaker 5: In the US. This is obviously another setback for the company.

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Speaker 4: Last week, the shares plunged because the court ruling had

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Speaker 4: linked BNP to human rights abuses Insterdam two decades ago,

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Speaker 4: and that opens the door to potentially billions in settlements

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Speaker 4: for the bank. There's also the challenge of political instability

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Speaker 4: in France and concerns about the health of the French economy,

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Speaker 4: so all of that is also raising some worries about

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Speaker 4: the impact on the domestic business, which the CEO is

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Speaker 4: trying to revamp. So the stock as a result of

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Speaker 4: all of this challenges, is currently the worst performer of

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Speaker 4: all the large European banks and that is going to

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Speaker 4: probably going to continue after this added this added setback

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Speaker 4: for this year.

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Speaker 1: And speaking of the bank earnings and credit as well,

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Speaker 1: the top read story for HSBC on the terminal at

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Speaker 1: the moment is that it's reviewing its ties to hedge

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Speaker 1: funds with credit fears on the rise. But lots of

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Speaker 1: different lines out of HSBC this morning and the shares up.

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Speaker 5: Yeah, the shares are actually up. It is quite quite

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Speaker 5: an interesting.

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Speaker 4: Sorry, so it actually raised its profitability outlook, which is

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Speaker 4: probably why the shares up, but that it was despite

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Speaker 4: a falling profit in the third quarter because of quite

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Speaker 4: a big provision, so it had to set aside one

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Speaker 4: point one billion dollars to cover litigation by investors who

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Speaker 4: lost money in the matter of fraud case which is

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Speaker 4: dating back years and years now. But so it seems

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Speaker 4: that despite quite kind of a mixed bag investors, we

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Speaker 4: are really focusing on that raised outlook and they continue

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Speaker 4: to put their trust in the CEO, Jodoladeri, which has

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Speaker 4: overseen kind of the biggest revamp but at least a

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Speaker 4: decade with thousands of drop cuts, loads of senior executives leaving,

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Speaker 4: and also a major bet on Hong Kong. So despite

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Speaker 4: this rise in shares, some analysts are still noting some

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Speaker 4: concerns and analysts at RBC said that the bank is

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Speaker 4: facing falling rates, muted loan growth, elevated impairments in the

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Speaker 4: commercial real estate market, and the medal of litigation. So

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Speaker 4: those are there's quite a long list of headwinds and

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Speaker 4: that makes it difficult at the moment to see the

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Speaker 4: wood from the trees, is.

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Speaker 5: What the analysts said. So shares are up, but there

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Speaker 5: are some concerns underneath.

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Speaker 3: It, okay, and to Novartis shares down over three percent

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Speaker 3: in Switzerland after their third quarter results.

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Speaker 5: What's going on.

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Speaker 4: We reported the slowest profit growth in almost two years

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Speaker 4: for this quarter, and that's because some of its top

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Speaker 4: sellers are facing growing generic competition over the US, which

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Speaker 4: is its key market, it's biggest market. That's going to

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Speaker 4: be a major challenge for Nevada's going forward. We're already

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Speaker 4: starting to see this feed through into earning. So as

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Speaker 4: a result of that, Nevatis is trying to find new

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Speaker 4: treatments to mitigate that threat, both by developing its own

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Speaker 4: but then also through a big acquisition. So just a

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Speaker 4: few days ago, in announced a deal that was worth

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Speaker 4: twelve billion dollars for Avidity Biosciences, which was the biggest

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Speaker 4: deal in over a decade for the company, and that

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Speaker 4: will give it access to potentially new blockbusts to drugs.

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Speaker 4: So that will provide some relief in the long term,

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Speaker 4: but until then, the earnings will be reflecting that generic competition,

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Speaker 4: and the CEO is actually expecting.

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Speaker 5: The full blow to hit in the fourth quarters.

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Speaker 4: We've not even seen the worst yet, so there'll probably

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Speaker 4: be some weakness there until the wind turns.

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Speaker 2: Really the stockmovers report from Bloomberg Radio. Check back with

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Speaker 2: us throughout the day for the latest roundup of companies

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Speaker 2: making news on Wall Street, and for the latest market

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