WEBVTT - ASML Falls, Burberry Down, Monte Paschi Slips

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio 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 Stephen Carroll and I'm joined by

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<v Speaker 3>Bloomberg's Breaking News editor Louise Moon. Louise, good morning. Let's

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<v Speaker 3>start with ASML. What's the latest.

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<v Speaker 1>So shares down this morning as much as four point

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<v Speaker 1>nine percent. Obviously, this is that broader full in European

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<v Speaker 1>semiconductive stocks, this unwinding of the tech trade that we're

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<v Speaker 1>seeing across Europe. It's obviously not just ASML that's being affected,

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<v Speaker 1>but a host of other stocks as well, on the

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<v Speaker 1>back of the AI trades being that were popular in

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<v Speaker 1>the first half kind of losing ground. There's concerns about

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<v Speaker 1>the sustainability of AI spending and this obviously, this kind

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<v Speaker 1>of pullback obviously comes despite some quite strong results that

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<v Speaker 1>we've seen and ray guidance from ASML earlier this week

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<v Speaker 1>and TSMC over in Asia on Thursday. So yeah, there's

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<v Speaker 1>this wider pullback that was seeing across Europe and heavily

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<v Speaker 1>impacting ASML shares this morning.

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<v Speaker 3>Okay, so that's on the tech sector. As we're thinking

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<v Speaker 3>about the impact really globally in that sell off, let's

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<v Speaker 3>start into fashion next to some positive news for Birberys

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<v Speaker 3>terribly impressed.

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<v Speaker 1>Well no exactly. So Birbery has been embarking on this

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<v Speaker 1>turnaround for two or so years under the then new CEO.

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<v Speaker 1>It's essentially returning to its core so tartan trench coats.

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<v Speaker 1>It's cut a lot of inventory, cut prices and kind

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<v Speaker 1>of ramping up this celebrity appeal, a lot of a

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<v Speaker 1>host of celebrities globally seen and all their adverts. Now

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<v Speaker 1>this seems to be paying off. So today, for the

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<v Speaker 1>first time in three years, Burbury sales have grown across

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<v Speaker 1>all of its rangers. First called sales as a whole rose,

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<v Speaker 1>particularly boosted by the US SO twelve p ccent growth

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<v Speaker 1>in the US nine percent. In China, they particularly noted

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<v Speaker 1>gen z are picking up items and one of their

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<v Speaker 1>celebrity campaigns led to a nineteen percent rise in Rain

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<v Speaker 1>where so in Rain where customers so all positive, but

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<v Speaker 1>really there's more to do. So partly they are partly

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<v Speaker 1>being affected by the middle East. There's been a bit

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<v Speaker 1>of a hit from the situation in the Middle East,

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<v Speaker 1>and that's hurt that overall European sales Asia also grew

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<v Speaker 1>less than expected, and overall comparable sales slightly missed estimates.

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<v Speaker 1>So shares, as you say, actually falling this morning. Investors

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<v Speaker 1>are saying, yes, this turnaround is taking shape, but there's

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<v Speaker 1>still some headwinds, and now they're looking at how and

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<v Speaker 1>when Berbery will actually grow going forward and grow that profitability.

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<v Speaker 3>Okay, grab that Berwbery Transcourt Louise, because we're going shopping

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<v Speaker 3>for Italian banks.

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<v Speaker 1>Indeed, this has some really interesting news and wanting. So

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<v Speaker 1>the latest in what has been a lot of Italian

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<v Speaker 1>banking sector consolidation in kind of recent months. So Montitepache

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<v Speaker 1>is at the center of the bidding of a bidding

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<v Speaker 1>one and the latest is that they've expressed concerns over

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<v Speaker 1>a takeover bid by Inteza. They've highlighted at the same

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<v Speaker 1>time the benefits of a rival pitch by Banco BPM.

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<v Speaker 1>So they're saying that Antessa's pricing is low and that

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<v Speaker 1>their plans for the bank if they were to take over,

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<v Speaker 1>seem to rely on quite optimistic assumptions while exposing shareholders

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<v Speaker 1>to quite a few risks, and they also noted the

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<v Speaker 1>potential for antitrust concerns. And then in contrast, they said

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<v Speaker 1>that the Banco BPM bid, in their words, deserves a

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<v Speaker 1>comprehensive and rigorous assessment. So Banko BPM haven't disclosed their

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<v Speaker 1>valuation with the proposal, but Monteepache is saying that, you know,

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<v Speaker 1>one of the reasons that they think this could be

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<v Speaker 1>more positive is that it wouldn't require a breakup of

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<v Speaker 1>their business, of their branch networks, of their brand, So

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<v Speaker 1>they seem more positive on that rival bid. So we're

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<v Speaker 1>keeping a close eye to see if and when some

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<v Speaker 1>more consolidation will happen there in Italy, but shared all

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<v Speaker 1>three banks actually falling amid kind of border declines in

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<v Speaker 1>the stock markets.

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<v Speaker 2>This morning the Stockmovers Report from Bloomberg Radio. Check back

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