WEBVTT - ASML Up, Man Group Falls, IAG Rises (Correct)

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<v Speaker 1>Bloomberg Audio Studios.

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<v Speaker 2>Podcasts. Radio.

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<v Speaker 3>News.

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<v Speaker 2>The Stock Movers Report. Your roundup of companies making moves

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<v Speaker 2>in the stock market, harnessing the power of Bloomberg data.

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<v Speaker 3>Let's take a look at some stocks on the move

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<v Speaker 3>today in Europe. I'm James Wilcox with Stephen Carroll, and

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<v Speaker 3>we're joined in London by Bloomberg's breaking news editor, Louise Moon. Louise, look,

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<v Speaker 3>we are all watching tech and AI-related volatility in the

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<v Speaker 3>market today. How is that playing out in Europe with

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<v Speaker 3>the likes of ASML?

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<v Speaker 1>Also, it's really interesting.

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<v Speaker 4>Obviously, we saw Asia and America overnight sliding, this big sell-off,

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<v Speaker 4>and much of that to do with tech, the chip

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<v Speaker 4>index in the U.S., the worst performance since March 2020.

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<v Speaker 4>It was expected this would be very similar in Europe.

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<v Speaker 4>But actually, if you look at the big ones, so,

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<v Speaker 4>as you say, ASML, Also, Infineon, ASM, they're all relatively flat.

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<v Speaker 4>A couple are down, a couple are up, kind of

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<v Speaker 4>wavering at that flat level. So, not quite the huge

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<v Speaker 4>drop we're expecting, but no big gains and no big losses.

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<v Speaker 4>On that note, another one that's been in focus is ING,

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<v Speaker 4>the Dutch bank. It's auctioning a roughly $ 500 million portfolio

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<v Speaker 4>of data center loans. So, that's also in focus around

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<v Speaker 4>that same story. And their share is down over 1%.

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<v Speaker 2>So, Mann Group next.

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<v Speaker 1>Louise, a big drop in their share price this morning,

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<v Speaker 1>two down over 5% in London. Yeah, this is after

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<v Speaker 1>a ruling that came out late last night.

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<v Speaker 4>So, a judge has ruled in London that Man Group

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<v Speaker 4>might have to pay about $ 155 million for its role

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<v Speaker 4>in what the judge called corruption on a breathtaking scale.

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<v Speaker 1>So, this was a lawsuit here in London. There were

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<v Speaker 1>dozens of defendants.

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<v Speaker 4>So, Man Group and other defendants, they'll have to repay

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<v Speaker 4>that state fund.

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<v Speaker 1>It's thought that it could be $ 155 million.

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<v Speaker 4>But there's another hearing in November to decide exactly how

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<v Speaker 4>much they're going to have to pay.

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<v Speaker 1>But shares falling, as you say, down about 5%.

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<v Speaker 3>And finally, Louise, IAG, how are investors reacting to the

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<v Speaker 3>latest results?

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<v Speaker 4>So, shares initially dropped and now are slightly higher. So,

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<v Speaker 4>they've had their third quarter results. Numbers were largely as expected.

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<v Speaker 4>And the big focus really, aside from numbers, was the

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<v Speaker 4>fuel bill. So, they're saying that they're expecting their fuel

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<v Speaker 4>bill to rise to € 8. 9 billion in 2026. That's slightly

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<v Speaker 4>higher than they had previously expected. And they're expecting a

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<v Speaker 4>slight drop in capacity. They had previously said in July

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<v Speaker 4>that they thought capacity was going to be flat. So,

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<v Speaker 4>now they're expecting it to drop slightly, of course, all

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<v Speaker 4>on the back of the Middle East and the disruption

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<v Speaker 4>from the conflict in the Middle East that has been

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<v Speaker 4>hitting the whole aviation sector. As I said, shares initially dropped. Now,

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<v Speaker 4>they're slightly higher. Potentially, that could reflect the IAG. Despite

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<v Speaker 4>all of that, it's still rewarding shareholders. They increased their

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<v Speaker 4>dividend by 10%, their interim dividend. They're also starting the

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<v Speaker 4>final tranche of a big buyback program. And they're saying

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<v Speaker 4>that they're expected to continue along that kind of sentiment

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<v Speaker 4>in the future.

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<v Speaker 1>So, yeah, shares slightly higher.

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<v Speaker 3>Absolutely.

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