WEBVTT - SSE Soars, ABN Amro Up, Taylor Wimpey Down

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio News.

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<v Speaker 2>The Stock Movers Report, your roundup of companies making moves

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<v Speaker 2>in the stock market, harnessing the power of Bloomberg Data.

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<v Speaker 3>Let's look at some stocks on the move today here

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<v Speaker 3>in Europe. I'm Caroline Hepgeat alongside Tom McKenzie. We're joined

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<v Speaker 3>by Bloomberg reporter Chloe Male. Good morning, Chloe. Let's start

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<v Speaker 3>with SSE, the energy company looking to fund major investments

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<v Speaker 3>and their share pi's doing well.

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<v Speaker 1>Yeah, particularly well this morning and the chees rose to

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<v Speaker 1>record actually after SEC announced that it will raise two

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<v Speaker 1>billion pounds from investors and that equity raise will be

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<v Speaker 1>used at to fund some major projects in grid infrastructure

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<v Speaker 1>and renewable energy. So overall SEC will spend thirty three

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<v Speaker 1>billion pounds over the next few years on those big projects,

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<v Speaker 1>with eighty percent of that are going on upgrading UK

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<v Speaker 1>power grids. So and Liz said that investors are really

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<v Speaker 1>welcoming the cloud and the visibility on growth and on

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<v Speaker 1>funding that we have now got over the next five

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<v Speaker 1>years for SSE. It's interesting because obviously we remember another

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<v Speaker 1>equity raise from an energy company, which was AUSTED, which

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<v Speaker 1>announced that nine billion dollar equity raise earlier this year,

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<v Speaker 1>but that was obviously received very differently given the position

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<v Speaker 1>the company was at the time. But now for SEC

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<v Speaker 1>this is seen as very positive and a way for

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<v Speaker 1>that company to be part of that push towards electrification

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<v Speaker 1>and that expansion in AI data centers as well.

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<v Speaker 3>And some dealmaking from the Dutch lender, ab and am

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<v Speaker 3>Row making a significant day and a deal and investors

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<v Speaker 3>actually cheering this.

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<v Speaker 1>Yeah, they're investors are quite quite happy about that. So

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<v Speaker 1>for ab and am Ro, there was two good things

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<v Speaker 1>happening this morning. The profit came in ahead of estimates

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<v Speaker 1>in the earnings were pretty pretty decent, pretty resilient. But crucially,

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<v Speaker 1>as you mentioned, this is the new deal that really

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<v Speaker 1>got investors excited. So it is buying NIBC from Blackstone

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<v Speaker 1>for nine hundred and sixty million years and that is

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<v Speaker 1>to expand its footprint in the retail banking sector in

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<v Speaker 1>the Netherlands specifically, So and Liz said that the deal

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<v Speaker 1>made a lot of strategic sense, even though it will

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<v Speaker 1>take actual actually a bit of time maybe to positively

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<v Speaker 1>contribute to earnings, and it may also dent abe an

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<v Speaker 1>Amah's ability to do more buybacks. But for now, investors

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<v Speaker 1>do seem quite keen on the deal, so the has

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<v Speaker 1>reacted very positively this morning.

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<v Speaker 3>Uncertainty is about the budget tied with the housing market,

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<v Speaker 3>hitting Taylor Whimpy in the UK.

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<v Speaker 1>Yeah quite badly, and also dragging down the rest of

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<v Speaker 1>the house building sector this morning. So Taylor Whimpy, which

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<v Speaker 1>is one of the biggest housebuilders in the UK, said

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<v Speaker 1>that the uncertainty around all of the potential text changes

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<v Speaker 1>that we're going to get in the budget later this

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<v Speaker 1>month was really hurting that UK housing market, hurting sales

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<v Speaker 1>and that was also so it was in the red

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<v Speaker 1>and then also Barrett red Roads is the biggest UK housebuilder,

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<v Speaker 1>was also in the red. Person and Berkeley, all of

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<v Speaker 1>those names were struggling this morning after that commentary from

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<v Speaker 1>Taylor Wimpy. The Labor Party obviously had made the housing

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<v Speaker 1>market a key part of its agenda when it came

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<v Speaker 1>to power, but that has turned out to be a

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<v Speaker 1>lot more difficult than expected perhaps and UK building activity

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<v Speaker 1>has contracted at the sharpest pay since the pandemic, and

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<v Speaker 1>that has really put into question the pledge that was

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<v Speaker 1>really key to the Labor manifesto of building one point

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<v Speaker 1>five million homes over the next five years, and for

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<v Speaker 1>Taylor Wimpy, that's obviously a big dragon had already downgraded

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<v Speaker 1>its guidance earlier in the year. We have seen profit

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<v Speaker 1>warnings across the sector and that really cautious commentary across

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<v Speaker 1>the industry. So now, of course, the focus is really

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<v Speaker 1>going to be on what Rato Reaes were actually announce

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<v Speaker 1>and if there's any major measures surrounding that housing market.

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<v Speaker 2>Later this month, the Stock Mover's Report from Bloomberg Radio.

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