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Let's take a look at some stocks on the move today in Europe. I'm Stephen Carroll with Caroline Hepger and we're joined by Bloomberg's Markets Today co editor Sam Onstead. Sam, good morning. Let's start with the shipping company ap moll or Marsk suspending some bookings in the Middle East, but their shares are still higher this morning.
Yeah, and you know, Stephen, their shares is still higher for the same reason that happened a few years ago, which is that shipping rates are going absolutely through the roof. Tanker rates yesterday pretty much doubled over the course of
a day to two hundred thousand dollars. This is causing, you know, a huge disruption to shipping all over the world, as we've been talking about quite a bit in terms of the straight uform moves, and you know, it's really impacting shipping across the world that serves to send rates higher. So although there are clearly some operational challenges that will happen for MESK, if those chipping rates remain at that kind of higher level, then for the bottom line, it's obviously very positive.
Yeah, absolutely, that's one aspect of this war that we are continuing to follow. Obviously very risk off though of coross many asset classes, with the concerns about how long the conflict is going to last. And let's talk about buyers ORF plunging today.
Why yeah, I mean so in this market, this is sort of an individual story, you know, not necessarily totally link to everything else. Probably the move for buyers, if you're down fourteen percent in early trading this morning, a lot of that has been driven by a guidance cut from them, weak sales for Nivea, the skincare brand that they own. They announced to share buy back. That didn't do much to say those concerns. But probably the move,
you know, may well have been negative anyway. But you're in a market at the moment where there is a fairly indiscriminate kind of sell off going on, really with the exception of just oil and defense companies, and so there's probably a slightly more exaggerated move that you would normally get there. But even so, this is a company that actually has news out and traders are trading specifically on that as well, and.
Of course another difficult day for travel and leisure shares again. They're among the worst performers in Europe this morning.
Yeah, and you know, as Caroline is just kind of mentioning, you know, for most sectors that we're going to talk about now, the real question, and you know, really across all global markets, the question is how long is this sustained for how much disruption? Does this this ultimately ultimately bring oil prices going up again, will raise quite a lot of fears for airlines that their fuel costs are
going to go higher. And then that obviously combines with the huge operational disruption that they're facing from the Middle East, and it's particularly in around these kind of super connector
hubs in the UAE. So for airlines at the moment, there's not a great deal of positivity to find almost anywhere, and I think you're likely to see them pretty heavy under under fire, excuse me, under under pressure over the course of the next few days because there's really no no great reason for that investors to be buying them at.
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