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Let's take a look at some stocks on the move today in euro banking. So all cot with Karen Hepka, and we are joined by Bloomberg's Breaking News Out to the Louise Moon. Louise BMW are stalling again today in the markets.
Why so they have issued essentially quite a surprising downgrade and a big one at that as well. There's just one month into them having a new CEO to kind of demonstrate demonstrates the huge task at hand for him. So margins, they have forecasts as low as one percent from six percent, and they're also planning additional cost savings beyond those that they have already announced. So details of those cost savings unclear. So there's obviously a question there
as to whether that could result in job cups. But as I say, details unclear, but additional cost savings. Expect all of this to weigh on their business in the second half. And essentially they're saying that the main reasons for this are one the impact of the Middle East but two weak China demand. China is its biggest market, and there's a whole host of reasons. You know, there's the changing Chinese consumer. There's also the rise of and the ongoing long kind of long term rise of local brands.
So yeah, wee could China demand for BMW? There showing this change in forecast is showing the huge toll both of those elements are taking on BMW had been viewed as better position than rivals, but this latest data or statement this morning essentially saying, essentially showing that that residence hasn't been enough to shield it from what has been quite a long ongoing shift in the European autos industry.
So shares lumped as much as twelve percent analysts.
One analyst called it a wake up call for the auto industry. So that on BMW, what about the shipping giant HAPAG Lloyd rising there looks like Deale's news.
Yeah, well potential deal's news.
So shares that was much a six point one percent and then they paired that slightly in morning trading. There's been a report that the Italian billionaire owner of Mediterranean shipping company he's inquired with shareholders about buying a stake in hapag Lloyd, so all very potential and any potential
approach if he does that would face obstacles. There's two other anchor investors they're buying bound by an agreement that has recently been extended through to twenty thirty, so a few hurdles to get through if that approach were to happen, but it is boosting shares.
Shares have been largely flat since April.
They rose quite significantly at the start of the ararmore and then they declined, so it's giving a bit of impetus behind those shares.
This morning, an AO World apparently giving the UK government the whole music treatment tell us more well.
So, yeah, this is the midcaps makeap stock the electronics retailer bit of a a mixed one. So initially looks quite positive hitting what they're saying as record profits. They sold far more TVs because of the World Cup, so looks quite positive at first glance, but actually shares falling
as much as four point two percent this morning. Part of that could be profit taking, they have been trading at higher levels recently, but it's also potentially an example of kind of the real world impact of all this energy price shock of everything that is going on and the impact on the consumer, they flagged and uncertain in their words backdrop in its in their kind of look ahead section of their statement this morning, and also flagged
rising input costs. It's the type of company that's very exposed to consumer sentiment.
Obviously, it sells a lot of big ticket.
Items, so any changing in consumer behavior will really impact AO world. So despite the good numbers that they cited this morning, looking ahead, there's potentially a lot of untestiny and that's impacting shares in morning trading.
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