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Let's take a look at some stocks on the move today in Europe. I'm Tea anabaio with Stephen Carroll and we're joined by Bloomberg's Breaking.
News editor Louise Mean.
Louise, We've been talking a lot about Barcleay's results this morning, bit of a negative reaction.
What happened? Indeed, Yes, this is their first quarter results.
Essentially performance and specifically their trading unit performance didn't match up to Wall Street. So Barkleay's is the first major UK banks that's reported since the one Iran War outbreak. So it's a bit of an indicator into how the industry is kind of responding to economic uncertainty and how they're doing and essentially showing that the US and Wall Street is doing better. So US rivals recently have been saying that they've benefited from volatility, their trading desks have
had some record earnings. Barkley's seemingly struggling to capitalize on that on that volatility, so they had a bit of a.
Mixed bag of results.
So if you take exit trading, they did pull in sixteen percent more than a year ago, and investment banking did be expectations, but fixed income was pretty flat. And overall, their trading unit has lagged, as I mentioned, lagged those
US rivals, so the numbers weren't to inspiring essentially. And then on top of that, they also noted an over two hundred million pound impairment that's related to the collapse of MSF mfs is the specialist lender, and then another just over one hundred million for the car Loans SAGA.
So shares fell the worst.
Performing on the stock six hundred banks index this morning. They did they did issue a fresh buyback of five hundred million pounds, but that was expected, so it wasn't much to boost shares. So, yeah, first quarter performance lagging compared to America.
Okay, and looking at the pharmaceutical sector, no Varitis Stare has done two point six percent this morning.
What's going on?
Yeah, they actually plunged even more in early trading, so they're down over five percent in early trading, and that's that wiped out their twenty twenty six games.
And as you say, now DAN slightly slightly less.
This is off their first quarter results, profits essentially falling more than expected, and sales also fell unexpectedly as well. This is as some of their kind of top selling legacy medicines were hit really hard. So one of them called Intresto, that was once a top seller, sales there plunged forty two percent last quarter.
That was more than expected.
And it comes with kind of the backdrop of the CEO's been trying to reshape novartists into so away from those legacy medicines into a make of innovative prescription medicine.
So this is a bit of a key test as to how it.
Will fare in that push towards those newer drugs. Now, on that note, demand did grow for some of those newer treatments. So for example, it's got a cancer pills, so demand did grow for that and that's expected, as I say, to drive that future growth, but a big hit from those legacy medicines there. In terms of going forward, it said it's on track, it will return to growth in the second in the second half and meet guidance
for the whole year. So it tried to give a bit of an upbeat tone there, and they're doing a lot of deals to spur growth going forward as well. But seems like quite a task ahead. And as I say, shares reacting negatively in trading this morning.
Okay, Louise, it does seem like you're painting quite a gleamy picture this morning, and it doesn't seem like things were much better for WPP.
Can that's what happened there?
No well shares initially rose reading wpp's results this morning, it seems like things were kind of steadying.
So WPP in the middle of a turnaround.
They've been struggling for quite a long time with a whole host of things, including you know, grappling with the rise of AI client losses, and their first quarter trading indicated that things were starting to maybe level out. So it was roughly as expected sales, that is a slight improvement on fourth quarter.
They predicted a better second half, They kept.
Their guidance for the full year, so it seemed like a bit of a glimmer of hope. As I say, they've been having a tough time with grappling with all of those headwinds. Shares of lost over fifty percent of the past year. They were relegated from the foot see hundred in December. But then the stock turns slightly lower, so analyssa essentially focusing on the fact that, yeah, sales are steadying, but they still are declining, and saying that, you know, contestant consensus estimates won't.
Be raised given at maintained guidance, so shares a bit lower.
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