Bloomberg Audio Studios, Podcasts, radio News, The.
Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg Data.
Well, let's take a look at some stocks on the move today in Europe. I'm Stephen Carroll and I'm joined by Bloomberg reporter Chloe Melet. Chloe, good morning. Let's start then with Fresnello, the gold and silver miner being hit by the precious metal seal off.
Yeah.
Absolutely, We've got used to seeing miners in the green for the last few weeks, but now there's quite a dramatic reversal and we are seeing those miners down the kind of across the.
Board this morning.
And as you mentioned Fresno, the golden silver minor, where we're also seeing in Deva Mining, glen Core, Anglo American all down this morning, and that is because a copper, gold, silver prices are all falling, reversing the massive rally that
we had seen at the beginning of the year. And the cell off pretty started on Friday when Trump named Kevin Walsh as the next Vecha that this was seen as quite a hawkish pick, and that boosted the dollar and then led those commodity prices lower to really tumble from their record highs.
And there's because wash getting the.
Job essentially raises expectations of a title monetary policy and that is not necessarily favorable to commodities. And for example, gold, we saw the biggest plunge in more than a decade on Friday, so a really massive sell off that continues today, and that is having an impact on miners, of.
Course, and this FED pick was really the trigger.
But then the volatility of the market in the run up to that made extreme moves and prices very likely, and then it did end up happening. And now the direction of the market from here will really be determined by whether Chinese investors by the dip or not, so that will be really going to be the focus now.
But in the meantime, we are seeing those miners in the end. Yeah.
Indeed, for I look currently down by five point nine percent in the opposite direction. Now we've got Pandora shares up eight point three percent in co and Hagen this morning.
A big job for the juiler. Yeah, So for every loser there is a winner.
And the fact that silver prices are down, it's actually great news for a company like Pandora, which of.
Course makes jewelry.
The price of silver was actually a big concern before that this massive sell off, and on Friday we even saw Pandora being downgraded by SEB analysts because of that, with the analyst saying that the company was really taking a beating from the really high silver prices and then
also the slowdown in the US market. But then chares actually rose on Friday because that downgrade was actually overshadowed by the massive sell off in precious metals, and that is continuing today and we're seeing Pandora shares really strong this morning because of that silver sell off, and that puts Pandora in quite good shape ahead of results later this week.
Of course, the numbers may still be a little bit muted.
We have we had preliminary numbers that indicated that sales growth was perhaps missing the guidance range.
But the outlook might get a little.
Brighter at least for now because because of those lower silver prices.
Chloe, one of my favorite parts of this segment is where we get to talk about companies that we don't talk about very often. This morning, it's auction Technology down eight point seven percent, they accorded to the DAS function on the terminal operates an online curated marketplaces and propriety auction platform technology.
Why are the shares down?
Yeah, So it's an auction marketplace that essentially connects bidders, collectors, businesses. And it fell this morning because fitzwal To Capital said that it will not make another bid for the firm after its offer was rejected last week. So this kind of this all started earlier this year when Auction Technology as saying that it had rejected eleven unsolicited proposal from fitzwal To Capital and had rejected the latest offer because
it fundamentally undervalued the company. And then Fitzwalter was then considering another off, an improved one, and then Auction Technology rejected that one too, saying that it still undervalues the company. And so now Fitzwalter is walking away completely and we're seeing investors be quite disappointed with that, and the shares falling very sharply for Auction Technology today.
The Stockmovers Report from Bloomberg Radio. Check back with us throughout the day for the latest roundup of companies making news on Wall Street and for the latest market moving headlines. Listen to Bloomberg Radio Live. Catch us on YouTube, Bloomberg dot com, and on Applecarplay and Android Auto with the Bloomberg Business app.