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 of the stocks on
Speaker 3: the move today in Europe. I'm Stephen Caroll and we're
Speaker 3: joined now by Bloomberg's Breaking News editor Louise Moon. Louise,
Speaker 3: let's start with the luxury moves. LVMH surging almost fourteen
Speaker 3: percent higher in Paris now in a wider rally to
Speaker 3: in the luxury sector.
Speaker 1: Tell us more indeed, Yeah, So essentially this is an
Speaker 1: unexpected return to sales growth. They had their third quarter
Speaker 1: results this morning, stronger than expected performance across the board,
Speaker 1: and essentially anless is saying this is an encouraging trend,
Speaker 1: So you know, it's it's an improvement in relation to
Speaker 1: the wider sector. They're suggesting that it's a return to
Speaker 1: growth could be possible next year. That they're citing quite
Speaker 1: a confident tone for twenty twenty six, and notably as
Speaker 1: part of these kind of encouraging trends, notably in China,
Speaker 1: which is a key market for LVMH. And as you say,
Speaker 1: it led to peers also surging. So the likes of
Speaker 1: Burbery caring also far higher across the board. So shares
Speaker 1: in LVMH rising on that unexpected positive news, A step
Speaker 1: in the right direction.
Speaker 3: Yeah, indeed, I'm lifting the whole cat car Onto index
Speaker 3: as well, up two point three percent. Let's turn then
Speaker 3: to the UK and Page Group shares rising. This is
Speaker 3: in the recruitment sector. What do we learn from them?
Speaker 1: Indeed, Yeah, so it's been quite a closely watched sector
Speaker 1: at the moment. Page Group had their third quarter results
Speaker 1: today and it follows two of their peers, So we
Speaker 1: had Hayes last week and Robert Waters yesterday and essentially
Speaker 1: it's together they're pointing to this trend of the market
Speaker 1: starting to improve. It's been really battered over the past
Speaker 1: year longer, and their results collectively are showing kind of
Speaker 1: slight up upbeat market. So Page Group this morning a
Speaker 1: milder drop in gross profits in the third quarter when
Speaker 1: you compare it to the first half, and as I
Speaker 1: say that, that's kind of showing that the market is
Speaker 1: starting to improve. They said that the European market is
Speaker 1: still tough. They noted what they call subdued confidence and
Speaker 1: sentiment but the US and Asia are stable. They're saying
Speaker 1: clients are still risk averse. You know, budgets are tightening,
Speaker 1: but they're on track to hit their four year goals
Speaker 1: that they're also doing a lot of cost cutting work.
Speaker 1: So shares are higher about six percent. They still are
Speaker 1: off their all time high, so there's still kind of
Speaker 1: a lot to be worked through in that space to
Speaker 1: do with the wider economic uncertainty, but shares are higher
Speaker 1: on a kind of a glimmer of hope.
Speaker 3: Okay, and Rank Group their shares plunging after a city
Speaker 3: analysts change their recommendation to sell.
Speaker 1: Indeed, this is the Germanistic tent company, so they make
Speaker 1: kind of systems for vehicles and machinery. So a downgrade
Speaker 1: from city they cut them from a neutral to a
Speaker 1: cell and analysts are saying that shares are too expensive.
Speaker 1: So Renk Group has kind of been caught up in
Speaker 1: this wider defense rally that we've been seeing. And a
Speaker 1: quote from it, unlessa I thought I should read it
Speaker 1: out as a quite blunt it says, even pushing our
Speaker 1: valuations to the upper end of what we feel is
Speaker 1: a credible scenario, we believe Rank is overvalued and we're
Speaker 1: downgrading to a cell.
Speaker 3: So they set a new.
Speaker 1: Price target of sixty four euros and shares are falling
Speaker 1: as much as five percents morning closer to that price target.
Speaker 1: They're around sixty eight euros now, and that follows an
Speaker 1: almost three hundred percent year to date rally as of
Speaker 1: yesterday's close, so they've really been rallying with defense and
Speaker 1: now dropping on this downgrade from City.
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