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Let's take a look at some stocks on the move today in Europe. I'm Stephen Caroll with Lizzie Burden, and we're joined by Bloomberg's Caroline Hepker. Caroline, good to talk to you. We're looking, of course at European stock surging to this new record high. Who's benefiting from it?
Yeah, Well, first of all, if you look at the traveler leisure sector that's obviously seeing big games this morning, so tooy is by some seven percent this morning. If you look at the UBS basket of airlines stocks, they're trading at the highest level that we've seen since the start of the war, the day before the war and the twenty seventh of February. Because of course, hopefully if this deal does go through, you'll see lower oil prices and therefore that being fed into lower jet fuel prices.
So Lufthansa, Brian Air all benefiting. Also, I know the Deutsche Bank strategists have overall closed their relative preference for US stogs over their European counterparts, which I think is quite interesting. So this again goes to the narrative that many people had pointed to if there were a resolution to the war in the Middle East that actually might
be Europe that would become more attractive. So at least Deutsche Bank strag is saying that today let's talk about the losers then, Caroline, Obviously it's going to be energy who's getting baded this morning. Yeah, it's the likes of Equinor and Akka BP and var Energy, but also total energies are down sort of between four and six percent.
These are amongst the worst performers. Obviously, they have been beneficiaries as we have seen the oil prize shoot up from around seventy to seventy two dollars a bour all the way to a hive above one hundred and twenty six dollars about at the end of April, that for brank food futures. And so now those big profits perhaps will be tempered as maybe the flow of oil barrels through the Strait of Hormus is resumed.
Yeah, indeed, of course that's one of the key details. We're waiting to see how that might work out. As well, but you've also been looking at shares in the shipping giant mark this morning, which are trading lower.
Yeah. Absolutely, Marse trading lower again because we saw shipping rates spike so much higher that Musk saw benefits of that. And so now the big question mark is how quickly the shipping routes will actually resume. This still seems really quite uncertain, and how quickly those not just the oil tankers but all other sorts of shipping will resume. We know that this is meant a big dent for things like the shipping of a fertilizer products that has a
huge impact globally. So MRSK is one of the decliners again because maybe we'll see a normalization of shipping routes.
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