Volkswagen Jumps, Vodafone Climbs, UniCredit Falls

0:00brought to you by AppleCard. This summer, earn daily cash back with AppleCard. Apply for AppleCard now and use in minutes with Apple Pay. Subject to credit approval, AppleCard is issued by Goldman Sachs Bank USA Salt Lake City Branch, termsinmoreatapplecard.com. BOOM! BOOM! BOOM! 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. Let's take a look at some of the stocks on the move today in Europe. I'm Lizzie Birdon alongside Stephen Carroll and we're joined by our breaking news reporter, Louise Moon. And Louise, we have to start with Volkswagen. The big story in European markets this morning just to talk us through what's happened in the market reaction so far. Yes, it shares rising on the back of this big news. Initially rose as much as almost 10% now, about 5%. News being a sweeping restructure of Volkswagen. They're cutting 50,000 more jobs, mostly in Germany, and that will represent a total of about 8% of their total workforce.

1:02They're going to make fewer models. They're reducing their industrial footprint. They're also tightening investment. They're planning more cost cuts. And this was all approved yesterday that this whole sweeping host of measures. It's been struggling essentially in response to a host of factors that have been seeing across the industry. So partly declining China sales. That's on the back of more competition. For Volkswagen, particularly, there's also a higher cost in Germany, undue factory. So a whole load of factors that they're contending with. As I say, shares rose on the back of this and less saying that it's a brave decision. And it makes sense what they're doing essentially to try and really turn Volkswagen around. OK, so that's on Volkswagen this morning. Vodafone shares are higher today. What's driving that? So it's been upgraded by Goldman Sachs. They've upgraded their view to a buy from a sell. This is all part of a wider review from Goldman of the European telecom sector.

2:04Saying that they're bullish on digital infrastructure. Saying free cash flow is beginning to surge. D-regulation is supporting growth. And on Vodafone, he says that the quality is below the average. But growth is accelerating in particular in the UK mobile market. So that is boosting shares up about 2%. This morning. Finally, Louisa Stock, we've talked about a lot recently. Unicreddit. What's the latest in the Italian banking saga? Well, exactly. Along ongoing saga between Unicreddit and Commerce Bank. So the latest being that Unicreddit CEO met with the premiere of the German state, the Commerce Bank, is based in to discuss this ongoing take over saga, take over deal. This is according to local media. So Commerce Bank shares dipped just very slightly in reaction to this. So in the meeting, it's been reported that the premiere had several demands of Unicreddit. It wants Commerce Bank to remain listed. It wants it to retain its banking license in Germany, keep its relevant functions in Frankfurt.

3:08So yeah, an interesting meeting showing that the German state is starting to engage more with Unicreddit. It comes about a week ahead of the CEO of Unicreddit's meeting with the German finance minister as well. Obviously, this is all part of them moving a step closer to taking them over. They've been pursuing it for about two years. And Germany had kind of previously refused to engage. But after they changed this summer, they take over offer that left Unicreddit with enough shares to effectively take control of Commerce Bank, that's the attitude of kind of switched and this meeting being a demonstration of that. This is Stock Movers 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.com and on Apple CarPlay and Android Auto with the Bloomberg Business app. A new chapter in global growth is being written and much of it is happening in Africa.

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