WEBVTT - Lloyds Dips, Haleon Down, Shell Gains 

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio, news. The Stock Movers Report,

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<v Speaker 1>your roundup of companies making moves in the stock market,

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<v Speaker 1>harnessing the power of Bloomberg data.

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<v Speaker 2>Let's take a look at some of the stocks on

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<v Speaker 2>the move today in Europe. I'm Tiwa Adebay alongside Caroline Hepker.

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<v Speaker 2>And we're joined by Bloomberg reporter Josh Gaunt-Warner in the studio.

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<v Speaker 2>Let's start with the U.K.

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<v Speaker 3>Budget.

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<v Speaker 2>We've been talking about it all morning. How have Lloyds

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<v Speaker 2>Bank shares reacted, particularly to that hiking of bank taxes

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<v Speaker 2>that we had about yesterday?

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<v Speaker 4>Yeah. So, yesterday, we saw most of the U.K. banks,

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<v Speaker 4>including Barclays, NatWest and Lloyds, all nudge higher after the

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<v Speaker 4>rise in that bank surcharge was less than feared and

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<v Speaker 4>because the Chancellor Healey said that.

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<v Speaker 1>It will be temporary.

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<v Speaker 4>Although we are seeing the sector under some pressure today,

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<v Speaker 4>we had Lloyds down as much as 6% this morning

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<v Speaker 4>after reporting better than expected results. Morgan Stanley said investors

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<v Speaker 4>might be booking some profits following the good news yesterday.

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<v Speaker 4>And some analysts are also citing a bit of a

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<v Speaker 4>lack of an upgrade considering the rising rate environment also

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<v Speaker 4>weighing on the stock a bit.

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<v Speaker 1>Elsewhere in the U.K.

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<v Speaker 4>Budget, we saw bookmaker Entain jump to a one-month high

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<v Speaker 4>after also the rise in machine games tax was smaller

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<v Speaker 4>than expected, although we're seeing that one pull back a

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<v Speaker 4>bit too this morning. And also, Hotelier Whitbread said this

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<v Speaker 4>morning that the smaller planned increases in business rates for

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<v Speaker 4>hospitality firms will lead to costs rising less than expected

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<v Speaker 4>over the coming years. CEO Dominic Paul said the move

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<v Speaker 4>will make a significant difference and shares are extending yesterday's

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<v Speaker 4>gains and trading at the highest level since February this morning.

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<v Speaker 3>Yeah, absolutely. Interesting, the budget in the middle of this

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<v Speaker 3>earnings season with UK banks reporting. Let's talk about Haleon,

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<v Speaker 3>which makes pharmaceutical products, cutting their outlook, big reaction in

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<v Speaker 3>the markets.

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<v Speaker 4>Yes, it's the worst performer on the stock 600. It

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<v Speaker 4>fell as much as 14%. That's the most on record. Obviously,

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<v Speaker 4>down to this outlook cut and also sales growth coming

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<v Speaker 4>in weaker than expected. So, the main issue here is

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<v Speaker 4>that a change in regulations in China. meant that it

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<v Speaker 4>had to pull its over-the-counter Centrum vitamins and supplements from

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<v Speaker 4>the shelves. At the moment, almost half of its Centrum

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<v Speaker 4>products are not for sale in mainland China. There's also

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<v Speaker 4>some softness in cold and flu medicines in the U.S.

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<v Speaker 4>and some problems in Brazil. So, a few issues hitting

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<v Speaker 4>the stock. Halion is now expecting slower growth. And that's

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<v Speaker 4>quite a surprise following a bullish update back in July.

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<v Speaker 2>And very briefly on Shell, increasing share buybacks, how's that

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<v Speaker 2>going down?

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<v Speaker 4>Yes, quite well, up about 3% in London at a

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<v Speaker 4>new all-time high. Shell's now returning $ 5 billion worth of

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<v Speaker 4>shares in the fourth quarter. That's up from the $ 3

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<v Speaker 4>billion it's been returning recently. RBC noted that that puts

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<v Speaker 4>the annual run rate on buybacks on par with larger

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<v Speaker 4>pit ExxonMobil, despite having a valuation at less than half

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<v Speaker 4>of its peer. So, that's been taken particularly well this morning.

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<v Speaker 1>The Stock Movers Report from Bloomberg Radio. Check back with

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