1 00:00:02,520 --> 00:00:07,440 Speaker 1: Bloomberg Audio Studios, podcasts, radio News. 2 00:00:08,560 --> 00:00:12,440 Speaker 2: The Stock Movers Report, your roundup of companies making moves 3 00:00:12,480 --> 00:00:15,880 Speaker 2: in the stock market, harnessing the power of Bloomberg Data. 4 00:00:16,640 --> 00:00:18,600 Speaker 3: Let's look at some stocks on the move today here 5 00:00:18,640 --> 00:00:21,720 Speaker 3: in Europe. I'm Caroline Hepgeat alongside Tom McKenzie. We're joined 6 00:00:21,760 --> 00:00:25,119 Speaker 3: by Bloomberg reporter Chloe Male. Good morning, Chloe. Let's start 7 00:00:25,160 --> 00:00:30,680 Speaker 3: with SSE, the energy company looking to fund major investments 8 00:00:31,240 --> 00:00:32,760 Speaker 3: and their share pi's doing well. 9 00:00:32,600 --> 00:00:35,280 Speaker 1: Yeah, particularly well this morning and the chees rose to 10 00:00:35,400 --> 00:00:38,720 Speaker 1: record actually after SEC announced that it will raise two 11 00:00:38,760 --> 00:00:41,680 Speaker 1: billion pounds from investors and that equity raise will be 12 00:00:41,760 --> 00:00:45,440 Speaker 1: used at to fund some major projects in grid infrastructure 13 00:00:45,479 --> 00:00:49,000 Speaker 1: and renewable energy. So overall SEC will spend thirty three 14 00:00:49,040 --> 00:00:52,320 Speaker 1: billion pounds over the next few years on those big projects, 15 00:00:52,320 --> 00:00:56,000 Speaker 1: with eighty percent of that are going on upgrading UK 16 00:00:56,120 --> 00:00:59,200 Speaker 1: power grids. So and Liz said that investors are really 17 00:00:59,200 --> 00:01:02,320 Speaker 1: welcoming the cloud and the visibility on growth and on 18 00:01:02,400 --> 00:01:04,920 Speaker 1: funding that we have now got over the next five 19 00:01:05,000 --> 00:01:09,600 Speaker 1: years for SSE. It's interesting because obviously we remember another 20 00:01:09,640 --> 00:01:12,679 Speaker 1: equity raise from an energy company, which was AUSTED, which 21 00:01:12,720 --> 00:01:16,360 Speaker 1: announced that nine billion dollar equity raise earlier this year, 22 00:01:16,400 --> 00:01:19,280 Speaker 1: but that was obviously received very differently given the position 23 00:01:19,400 --> 00:01:21,960 Speaker 1: the company was at the time. But now for SEC 24 00:01:22,120 --> 00:01:24,920 Speaker 1: this is seen as very positive and a way for 25 00:01:24,959 --> 00:01:27,960 Speaker 1: that company to be part of that push towards electrification 26 00:01:28,080 --> 00:01:30,800 Speaker 1: and that expansion in AI data centers as well. 27 00:01:31,400 --> 00:01:34,720 Speaker 3: And some dealmaking from the Dutch lender, ab and am 28 00:01:34,840 --> 00:01:39,000 Speaker 3: Row making a significant day and a deal and investors 29 00:01:39,040 --> 00:01:40,120 Speaker 3: actually cheering this. 30 00:01:40,400 --> 00:01:42,920 Speaker 1: Yeah, they're investors are quite quite happy about that. So 31 00:01:43,040 --> 00:01:44,920 Speaker 1: for ab and am Ro, there was two good things 32 00:01:44,920 --> 00:01:47,760 Speaker 1: happening this morning. The profit came in ahead of estimates 33 00:01:47,840 --> 00:01:52,000 Speaker 1: in the earnings were pretty pretty decent, pretty resilient. But crucially, 34 00:01:52,000 --> 00:01:54,120 Speaker 1: as you mentioned, this is the new deal that really 35 00:01:54,160 --> 00:01:58,240 Speaker 1: got investors excited. So it is buying NIBC from Blackstone 36 00:01:58,280 --> 00:02:01,600 Speaker 1: for nine hundred and sixty million years and that is 37 00:02:01,760 --> 00:02:05,120 Speaker 1: to expand its footprint in the retail banking sector in 38 00:02:05,160 --> 00:02:08,080 Speaker 1: the Netherlands specifically, So and Liz said that the deal 39 00:02:08,160 --> 00:02:11,079 Speaker 1: made a lot of strategic sense, even though it will 40 00:02:11,080 --> 00:02:13,760 Speaker 1: take actual actually a bit of time maybe to positively 41 00:02:14,160 --> 00:02:17,320 Speaker 1: contribute to earnings, and it may also dent abe an 42 00:02:17,280 --> 00:02:20,800 Speaker 1: Amah's ability to do more buybacks. But for now, investors 43 00:02:20,800 --> 00:02:24,160 Speaker 1: do seem quite keen on the deal, so the has 44 00:02:24,240 --> 00:02:26,160 Speaker 1: reacted very positively this morning. 45 00:02:27,360 --> 00:02:31,760 Speaker 3: Uncertainty is about the budget tied with the housing market, 46 00:02:31,840 --> 00:02:33,959 Speaker 3: hitting Taylor Whimpy in the UK. 47 00:02:34,080 --> 00:02:36,680 Speaker 1: Yeah quite badly, and also dragging down the rest of 48 00:02:36,720 --> 00:02:40,000 Speaker 1: the house building sector this morning. So Taylor Whimpy, which 49 00:02:40,000 --> 00:02:43,240 Speaker 1: is one of the biggest housebuilders in the UK, said 50 00:02:43,240 --> 00:02:46,200 Speaker 1: that the uncertainty around all of the potential text changes 51 00:02:46,560 --> 00:02:48,320 Speaker 1: that we're going to get in the budget later this 52 00:02:48,360 --> 00:02:52,360 Speaker 1: month was really hurting that UK housing market, hurting sales 53 00:02:53,000 --> 00:02:55,560 Speaker 1: and that was also so it was in the red 54 00:02:55,560 --> 00:02:59,000 Speaker 1: and then also Barrett red Roads is the biggest UK housebuilder, 55 00:02:59,120 --> 00:03:01,920 Speaker 1: was also in the red. Person and Berkeley, all of 56 00:03:01,919 --> 00:03:05,639 Speaker 1: those names were struggling this morning after that commentary from 57 00:03:05,680 --> 00:03:09,600 Speaker 1: Taylor Wimpy. The Labor Party obviously had made the housing 58 00:03:09,639 --> 00:03:12,040 Speaker 1: market a key part of its agenda when it came 59 00:03:12,080 --> 00:03:14,040 Speaker 1: to power, but that has turned out to be a 60 00:03:14,120 --> 00:03:18,240 Speaker 1: lot more difficult than expected perhaps and UK building activity 61 00:03:18,680 --> 00:03:21,760 Speaker 1: has contracted at the sharpest pay since the pandemic, and 62 00:03:21,800 --> 00:03:24,560 Speaker 1: that has really put into question the pledge that was 63 00:03:24,600 --> 00:03:27,440 Speaker 1: really key to the Labor manifesto of building one point 64 00:03:27,480 --> 00:03:30,520 Speaker 1: five million homes over the next five years, and for 65 00:03:30,560 --> 00:03:33,760 Speaker 1: Taylor Wimpy, that's obviously a big dragon had already downgraded 66 00:03:33,960 --> 00:03:36,880 Speaker 1: its guidance earlier in the year. We have seen profit 67 00:03:36,920 --> 00:03:40,240 Speaker 1: warnings across the sector and that really cautious commentary across 68 00:03:40,280 --> 00:03:43,920 Speaker 1: the industry. So now, of course, the focus is really 69 00:03:43,920 --> 00:03:46,080 Speaker 1: going to be on what Rato Reaes were actually announce 70 00:03:46,120 --> 00:03:49,520 Speaker 1: and if there's any major measures surrounding that housing market. 71 00:03:49,600 --> 00:03:54,400 Speaker 2: Later this month, the Stock Mover's Report from Bloomberg Radio. 72 00:03:54,920 --> 00:03:57,040 Speaker 2: Check back with us throughout the day for the latest 73 00:03:57,120 --> 00:04:00,480 Speaker 2: roundup of companies making news on Wall Street. For the 74 00:04:00,560 --> 00:04:05,000 Speaker 2: latest market moving headlines, Listen to Bloomberg Radio Live. 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