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

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Speaker 2: Stock Movers podcast, 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: Now, let's have a look at some of the stocks

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Speaker 3: on the move today in Europe. Joining me is Booberg's

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Speaker 3: Equities for Ported Joe Eastern Joe. Good to have you

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Speaker 3: on some very tough medicine for European markets and for

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Speaker 3: European farmer stocks. They may have been exempt from the

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Speaker 3: tariff so far, but there's a real worry that that

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Speaker 3: may be coming next from President Trump.

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Speaker 1: Yeah, very tough medicine. Indeed, So Trump yesterday given some

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Speaker 1: comments on board Air Force one, as usual, not much

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Speaker 1: detail in it. Trump just saying that he thinks there's

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Speaker 1: going to be some kind of pharmaceutical tariff coming in soon.

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Speaker 1: He said, we'll be announcing that sometime in the near future.

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Speaker 1: It's under review right now, and that has really hit

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Speaker 1: the pharmaceutical stocks today. So we're seeing losses likes of

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Speaker 1: astrozenic at Gs, Kane of Artists, Novo Nordist. Basically any

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Speaker 1: company with big exposure to the US healthcare market is declining,

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Speaker 1: and that is mostly because yesterday, this sector kind of

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Speaker 1: avoided the sell off. It outperformed given it was seen

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Speaker 1: as a sector that had actually missed out on tarifs

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Speaker 1: and therefore a bit of a shot this morning.

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Speaker 2: Yeah.

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Speaker 3: Absolutely. You think about Nova, Nordisk and Dozenpic, you think

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Speaker 3: about Roush in Switzerland and others. But the thing is

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Speaker 3: something like ninety percent of all US spending on drugs

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Speaker 3: and pharmaceuticals in the US, it's on generic drugs. Where

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Speaker 3: are they made? They are made in India. That's why

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Speaker 3: you saw the Nifty Farmer index slumping six point two

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Speaker 3: percent on Friday. So yes, it's a European farmer story,

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Speaker 3: but it's a global pharmer story if that picture changes

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Speaker 3: with the US. Meanwhile, banks are also facing really tough

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Speaker 3: times in this new trading era.

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Speaker 1: Yeah, so banks having a really really rough session once again.

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Speaker 1: We're down five percent on the Eurosdox Banks index. That's

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Speaker 1: the biggest decline in two years on a one day basis.

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Speaker 1: Yesterday we had a similar amount, So both days are

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Speaker 1: the biggest declines in two years for that index of

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Speaker 1: down almost ten percent on a two day basis. Now,

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Speaker 1: losses across Deutsche Bank, across Santander Bank of Sabadella in Spain,

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Speaker 1: Bank of Ireland, now West. Pretty much every bank is

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Speaker 1: suffering losses, and this is simply because the tariffs are

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Speaker 1: expected to have a negative impact on economic growth and

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Speaker 1: therefore lending volumes and also probably lead to more rate

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Speaker 1: cuts or at least gradual declines in the outlook for

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Speaker 1: rates more than expected in terms of the monetary policy outlet.

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Speaker 1: There's a note out from analysts at Keith Bright and Woods.

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Speaker 1: They've kind of tried to estimate the impact. They're calling

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Speaker 1: for a five percent downgrade to bank earnings given the

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Speaker 1: tariff impact, and therefore that is why the sector is lower.

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Speaker 1: But of course we'll have to wait and see how

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Speaker 1: other countries react before we really know the main impact.

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Speaker 3: Outside of the tariffs. The other major story has been

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Speaker 3: kind of company specific BP, so.

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Speaker 1: BP announcing in a statement at seven am this morning

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Speaker 1: that chairman held Glund apologies if I've butchered that name,

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Speaker 1: but he is standing down of the struggling oil major.

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Speaker 1: Now the company facing activist and pressure. Of course, activist

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Speaker 1: investor pressure from Elliott Over in the US, which built

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Speaker 1: a five percent steak and is telling the company that

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Speaker 1: needs to hurry up in moving back towards traditional oil

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Speaker 1: and gas away from renewables, not doing that quick enough,

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Speaker 1: according to Elliott. And actually the chairman was one of

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Speaker 1: the people that they had in their firing range trying

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Speaker 1: to get him out of there, and he does look

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Speaker 1: like he is standing down. We'll have to wait and

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Speaker 1: see who comes in and replaces him. But generally, also,

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Speaker 1: the oil market slammed yesterday and today. Oil futures were

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Speaker 1: down seven percent yesterday, so we saw a massive sell

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Speaker 1: off in on oil stocks. Also, commodity stocks in general

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Speaker 1: absolutely bats it. So it's kind of really probably more

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Speaker 1: of an indication of that, but also potentially a bit

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Speaker 1: of uncertainty. So the BP chairman stands down.

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Speaker 2: The Stock Movers podcast 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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