Speaker 1: Bloomberg Audio Studios, podcasts, radio news, The.
Speaker 2: Stock Movers podcast, your roundup of companies making moves in
Speaker 2: the stock market, harnessing the power of Bloomberg Data.
Speaker 3: Let's have a look at some of the stocks on
Speaker 3: the move today here in Europe. I'm Caroline Hepga and
Speaker 3: I'm joined Barb Bloomberg's equity supporter Cloone. Are they good morning, Clare?
Speaker 3: Should we start off with Reno then not good this
Speaker 3: morning in terms of the reaction to what they said
Speaker 3: last night.
Speaker 4: Yeah, absolutely not a great morning from another this morning.
Speaker 4: So last night it cut its margin outlook and as
Speaker 4: as well as its free cash flow outlook. It said
Speaker 4: that that was due to general trade tensions, a tough
Speaker 4: car market in general as well in Europe, but also
Speaker 4: a competition from Chinese manufacturers. If that wasn't enough a
Speaker 4: big news, it also announced a new interim CEO to
Speaker 4: replace Luca Demo who left for Caring. So Duncan Minto
Speaker 4: is the new man in charge. He's the finance chief
Speaker 4: and has been at the company since nineteen ninety seven,
Speaker 4: so he might know the company well enough to kind
Speaker 4: of guide it out of that tough spot. But crucially
Speaker 4: the such for a permanent CEO is still underwear, so
Speaker 4: there's more uncertainty there. And as a result of both
Speaker 4: sets of news, the stock saw the biggest drop since
Speaker 4: the start of.
Speaker 1: The pandemic this morning.
Speaker 4: Just to kind of give a scale to this, it
Speaker 4: was down sixteen percent and as a result, that also
Speaker 4: dragged down the shares of other car makers that are
Speaker 4: vulnerable to the same to the same uncertainties in the market.
Speaker 4: So Stellantis and Volksbagen were also down this morning as
Speaker 4: a result, and that signals may be more pain for
Speaker 4: the car sector going forward. Yeah.
Speaker 3: Absolutely, it's the tariff risks, but it's also the FX
Speaker 3: risks as well. So that from Reno ASML's CEO talking
Speaker 3: about the future growth of the business really badly received
Speaker 3: by the markets and the CFO make comments this morning.
Speaker 1: Yes, absolutely so.
Speaker 4: The CEO christ walked back to the growth forecast for
Speaker 4: next year essentially it's cited. He cited tread tensions in particular,
Speaker 4: and he said that while the company still prepares for
Speaker 4: growth in twenty twenty six, it can't confirm it, and
Speaker 4: the investors reacted quite badly to that. That pushed the
Speaker 4: stock down about eight percent. This morning, and given how
Speaker 4: important ASML is for the industry, it also took.
Speaker 1: Down the rest of the sector.
Speaker 4: We saw a lot of weakness across the board for
Speaker 4: companies like Infinian B Semiconductor, n SC Micro. So this
Speaker 4: is obviously also not helped by the fact that tariffs
Speaker 4: on semi conductors could come soon.
Speaker 1: Trump said that.
Speaker 4: Complicates the picture even further for that industry.
Speaker 3: Okay, we should end on a lighter note, should we should?
Speaker 3: The bling Katti Rishmore Visual said doing quite well because
Speaker 3: of Cartier sales.
Speaker 4: Explained, yes, so Shmore had had quite a good more
Speaker 4: this morning. It was up about two or three percent,
Speaker 4: slightly more positive news there.
Speaker 1: So the sales were better than expected.
Speaker 4: That's off the back of, as you said, strong demand
Speaker 4: for Katti and Vancleief jewelry as well. This is not
Speaker 4: completely out of the ordinary for Ishmore. It has been
Speaker 4: outperforming its luxury piers over the past few months, and
Speaker 4: it seems like there's a continuation of the outperformance at
Speaker 4: the moment. We'll see how the other kind of industry,
Speaker 4: Bell Weather's Alvi Mation Caring, which are reporting a little
Speaker 4: bit later in the season, how they are firing in
Speaker 4: an environment that is.
Speaker 1: Quite tough for luxury as a whole.
Speaker 4: There's been a slow down in demand, especially in China,
Speaker 4: where shoppers are really pulling back on very expensive purchases.
Speaker 4: But what we've seen in what I think is exemplified
Speaker 4: by Eishmon this morning, is that high end luxury tends
Speaker 4: to hold up a little bit better. So quite good
Speaker 4: news from that company. At least one company this morning.
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