1 00:00:00,280 --> 00:00:03,800 Speaker 1: The fed's top names are on Bloomberg Radio, Boston FED 2 00:00:03,840 --> 00:00:05,800 Speaker 1: President Susan Collins. 3 00:00:05,360 --> 00:00:07,600 Speaker 2: I would say it's not a done deal in terms 4 00:00:07,640 --> 00:00:09,280 Speaker 2: of what we do at the next meeting. 5 00:00:09,440 --> 00:00:13,640 Speaker 1: Chicago FED President Austin Goilsby. I want to get more information. 6 00:00:13,960 --> 00:00:18,119 Speaker 1: I'm still undecided. Richmond FED President Thomas Barkin. 7 00:00:17,920 --> 00:00:20,759 Speaker 3: Absolutely critical the independence of the FED. That does not 8 00:00:20,920 --> 00:00:22,720 Speaker 3: mean that is not held accountable. 9 00:00:22,840 --> 00:00:26,240 Speaker 1: For the latest headlines from the FED, listen on Bloomberg 10 00:00:26,280 --> 00:00:29,680 Speaker 1: eleven three to zero or anytime on the Bloomberg Talks podcast. 11 00:00:30,280 --> 00:00:33,120 Speaker 4: My mom has taken up going to the park to 12 00:00:33,159 --> 00:00:34,320 Speaker 4: practice yoga. 13 00:00:34,520 --> 00:00:37,000 Speaker 5: My dad's going to a club, but not a book club, 14 00:00:37,159 --> 00:00:40,159 Speaker 5: a salsa club. Finding new hobbies comes with age. 15 00:00:40,600 --> 00:00:43,760 Speaker 4: My mom has started getting lost and not knowing where she's. 16 00:00:43,600 --> 00:00:47,800 Speaker 5: Going, Becoming lust or disoriented doesn't Confusion with time or 17 00:00:47,840 --> 00:00:50,840 Speaker 5: place may be a sign of Alzheimer's. An early diagnosis 18 00:00:50,840 --> 00:00:53,120 Speaker 5: can help improve the quality of life for you loved one. 19 00:00:53,560 --> 00:00:56,680 Speaker 5: Learn the warning signs of Alzheimer's at tenscigns dot org, 20 00:00:57,000 --> 00:00:59,680 Speaker 5: brought to you by the Alzheimer's Association and the ED Council. 21 00:01:00,480 --> 00:01:02,560 Speaker 1: How is Africa riding the crypto wave? 22 00:01:02,880 --> 00:01:06,080 Speaker 6: Why are record, coffee prices, a double edged sword, and 23 00:01:06,200 --> 00:01:09,880 Speaker 6: what do China's economic woes mean for African debt. I'm 24 00:01:09,959 --> 00:01:14,160 Speaker 6: Jennifer Zabasaja. Join me for Next Africa, a podcast from 25 00:01:14,160 --> 00:01:17,920 Speaker 6: Bloomberg that offers a weekly dive into one business or 26 00:01:18,000 --> 00:01:22,240 Speaker 6: economic story from across the continent. Listen to Next Africa 27 00:01:22,280 --> 00:01:26,040 Speaker 6: on Apple CarPlay or Android Auto with the Bloomberg Business app, 28 00:01:26,280 --> 00:01:28,280 Speaker 6: or wherever you get your podcasts. 29 00:01:30,200 --> 00:01:35,920 Speaker 4: Influential conversations from Bloomberg Television. Here's Matt Miller and Danny Berger. 30 00:01:36,280 --> 00:01:39,880 Speaker 7: Joining us now is Faru Katwari. Ethan Allen Chairman, President 31 00:01:39,920 --> 00:01:43,560 Speaker 7: and CEO. Ethan Allen manufacturers about seventy five percent of 32 00:01:43,600 --> 00:01:47,440 Speaker 7: its furniture in North America, about half in the US. 33 00:01:47,560 --> 00:01:52,080 Speaker 7: How are you setting up for these potential new taxes totys? 34 00:01:52,160 --> 00:01:56,160 Speaker 3: Back when manufacturing was leaving the United States, we decided 35 00:01:56,200 --> 00:01:59,520 Speaker 3: that we will stay in North America. Not an easy decision. Well, 36 00:01:59,640 --> 00:02:02,560 Speaker 3: it has given us a good opportunity. First is we 37 00:02:02,640 --> 00:02:04,960 Speaker 3: had to make sure that we had the more efficient 38 00:02:05,000 --> 00:02:07,880 Speaker 3: manufacturer in the United States. We've been very fortunate to 39 00:02:07,920 --> 00:02:10,720 Speaker 3: have great talent. We've got to treat them well. And 40 00:02:10,919 --> 00:02:14,119 Speaker 3: technology is important to right well, can I ask. 41 00:02:13,919 --> 00:02:16,440 Speaker 8: You then about that twenty five percent of your supply 42 00:02:16,520 --> 00:02:19,040 Speaker 8: chain that is still coming not from North America, with 43 00:02:19,080 --> 00:02:22,399 Speaker 8: those tariffs looming already some tariffs being put on them. 44 00:02:22,600 --> 00:02:24,320 Speaker 8: How are you thinking about it? What are you planning 45 00:02:24,320 --> 00:02:26,360 Speaker 8: to do with it? Do you adjust or do you 46 00:02:26,400 --> 00:02:27,280 Speaker 8: take the tariff hit. 47 00:02:27,560 --> 00:02:30,520 Speaker 3: A lot of that is affecting what we call non 48 00:02:30,600 --> 00:02:35,240 Speaker 3: furniture products, like for instant, accessory products, textile products, rugs, 49 00:02:35,480 --> 00:02:39,480 Speaker 3: some furniture also. I think as we go forward, we're 50 00:02:39,520 --> 00:02:43,480 Speaker 3: looking at two things. One is sharing with our partners 51 00:02:43,520 --> 00:02:46,760 Speaker 3: overseas and then then taking some price increases. And we 52 00:02:46,840 --> 00:02:50,000 Speaker 3: go to see both of that in the next few months. 53 00:02:50,280 --> 00:02:54,160 Speaker 4: Here more interviews like this one on Bloomberg Television, streaming 54 00:02:54,280 --> 00:02:57,720 Speaker 4: live on Bloomberg dot com and the Bloomberg Mobile app, 55 00:02:58,000 --> 00:03:04,240 Speaker 4: or check your local cable listings. 56 00:03:01,800 --> 00:03:05,520 Speaker 2: Markets, headlines and breaking news twenty four hours a day 57 00:03:05,600 --> 00:03:09,320 Speaker 2: on Blueberg Radio, Blueberg Television, and the blue Boat Business app. 58 00:03:09,480 --> 00:03:11,480 Speaker 1: This is a Blueberg Business flash. 59 00:03:12,960 --> 00:03:15,200 Speaker 9: Hey fifty three am in the city of London. GOODBONI 60 00:03:15,200 --> 00:03:17,520 Speaker 9: I'm Caroline HPKA. Your pinstocks are actually up by a 61 00:03:17,520 --> 00:03:21,000 Speaker 9: tenth of one percent, and even cat cow stocks gaining 62 00:03:21,040 --> 00:03:23,080 Speaker 9: four tenths of one percent. Is this something of a 63 00:03:23,160 --> 00:03:27,400 Speaker 9: relief rally as investors look to the next move in 64 00:03:27,480 --> 00:03:30,680 Speaker 9: terms of the appointment of a new premiere by Imanue 65 00:03:30,680 --> 00:03:33,960 Speaker 9: and Macon in Paris. In terms of the euro, right 66 00:03:34,000 --> 00:03:36,200 Speaker 9: now we trade at one seventeen fifty three softter a 67 00:03:36,280 --> 00:03:40,840 Speaker 9: tenth of one percent against a weaker US dollar. The 68 00:03:40,920 --> 00:03:43,840 Speaker 9: pound is firm on cable two tenths of one percent. 69 00:03:44,040 --> 00:03:46,920 Speaker 9: There's not much data, to be honest, to drive markets today. 70 00:03:46,960 --> 00:03:49,640 Speaker 9: We're waiting for the CPI, the PPI data out of 71 00:03:49,640 --> 00:03:52,760 Speaker 9: the US, and then the ECB rate decision and the 72 00:03:52,840 --> 00:03:55,800 Speaker 9: Fed next week. Obviously, S and P five hundred emaanies 73 00:03:55,840 --> 00:03:58,760 Speaker 9: are up by a tenth of one percent for futures 74 00:03:58,800 --> 00:04:01,840 Speaker 9: after we got close to it yes another record a yesterday, 75 00:04:02,240 --> 00:04:05,480 Speaker 9: and just last the gold is currently up to tens 76 00:04:05,480 --> 00:04:07,160 Speaker 9: of one percent. Keeping an arm that those are the 77 00:04:07,200 --> 00:04:08,320 Speaker 9: markets this hour. 78 00:04:08,440 --> 00:04:10,320 Speaker 2: Let's take a look at some stocks on the move 79 00:04:10,360 --> 00:04:13,120 Speaker 2: today in Europe. I'm Tom McKenzie with Caroline Hepcutt. We 80 00:04:13,160 --> 00:04:17,320 Speaker 2: are joined by Bloomberg reporter Chloe Melle and Chloe Anglo American. 81 00:04:17,360 --> 00:04:19,960 Speaker 2: The mining stocks very much in focus. This is a 82 00:04:19,960 --> 00:04:22,520 Speaker 2: Bloomberg scoop around a potential merger, and my goodness, the 83 00:04:22,520 --> 00:04:24,839 Speaker 2: move on Anglo is impressive, isn't it? Up seven point 84 00:04:24,880 --> 00:04:27,680 Speaker 2: seven percent right now? They're leading European stock in terms 85 00:04:27,680 --> 00:04:30,360 Speaker 2: of the gains coming through talk us through that mining 86 00:04:30,440 --> 00:04:32,880 Speaker 2: potential mining deal and what it's doing to the rest 87 00:04:32,880 --> 00:04:33,320 Speaker 2: of the sector. 88 00:04:33,400 --> 00:04:33,560 Speaker 9: Yeah. 89 00:04:33,600 --> 00:04:36,680 Speaker 10: Absolutely, So. Anglo American has agreed to combine with Tech 90 00:04:36,760 --> 00:04:39,240 Speaker 10: Resources over in Canada, as you said, and that would 91 00:04:39,279 --> 00:04:42,200 Speaker 10: be one of the biggest mining deals in over a decade. 92 00:04:42,640 --> 00:04:45,400 Speaker 10: This is a so called zero premium deal, which means 93 00:04:45,400 --> 00:04:47,560 Speaker 10: that there's a target company that is not offered a 94 00:04:47,640 --> 00:04:50,720 Speaker 10: premium over its current market value, so that's why they 95 00:04:50,720 --> 00:04:55,960 Speaker 10: called it a merger of equals. Anglo willpaid's investors four 96 00:04:55,960 --> 00:04:59,320 Speaker 10: point five billion dollar special dividend ahead of the combination, 97 00:04:59,400 --> 00:05:02,360 Speaker 10: which might to explain why that share price is up 98 00:05:02,400 --> 00:05:06,120 Speaker 10: and makes investors quite happy. It's interesting because both companies 99 00:05:06,120 --> 00:05:09,280 Speaker 10: have actually been pursued by bigger miners in recent years. 100 00:05:09,279 --> 00:05:12,160 Speaker 10: So we remember last year Anglo American fighting off the 101 00:05:12,200 --> 00:05:15,720 Speaker 10: approach from BHP. Glen Core was also was also tried 102 00:05:15,760 --> 00:05:18,960 Speaker 10: to buy a Tech in twenty twenty three, so maybe 103 00:05:18,960 --> 00:05:22,280 Speaker 10: that Tech and Anglo bonded over that. But there's been 104 00:05:22,320 --> 00:05:24,400 Speaker 10: a bit of a deal making frenzy over the last 105 00:05:24,680 --> 00:05:27,800 Speaker 10: couple of years in that mining sector, and so it's 106 00:05:27,839 --> 00:05:29,960 Speaker 10: worth keeping in mind that the announcement of the deal 107 00:05:29,960 --> 00:05:32,960 Speaker 10: could actually kick off new bids for Tech or Anglo 108 00:05:33,000 --> 00:05:34,440 Speaker 10: American on the back of that. 109 00:05:34,920 --> 00:05:39,880 Speaker 9: Yeah. Absolutely, it's interesting, isn't it. That's combined value. I mean, 110 00:05:40,360 --> 00:05:43,960 Speaker 9: something like fifty billion dollars is a safety billionaire in 111 00:05:44,080 --> 00:05:46,839 Speaker 9: terms of other stocks that we're thinking about. Then, So 112 00:05:46,960 --> 00:05:50,280 Speaker 9: that massive M and A deal aside outlook for the 113 00:05:50,320 --> 00:05:54,960 Speaker 9: Italian lender Monte Depasci after announce a take of Media Banker. 114 00:05:55,200 --> 00:05:57,640 Speaker 10: Yes, so more M and A news is actually quite 115 00:05:57,680 --> 00:06:01,520 Speaker 10: an M and A focus day to day is actually 116 00:06:01,680 --> 00:06:04,440 Speaker 10: was founded in fourteen seventy two. That's a fun little tidbits. 117 00:06:04,480 --> 00:06:07,240 Speaker 10: Considered is considered to be the world's oldest bank still 118 00:06:07,279 --> 00:06:11,800 Speaker 10: on operation. It's finally worn control over Medio Banker. So 119 00:06:11,839 --> 00:06:14,680 Speaker 10: this is a sixteen billion euro takeover deal and that 120 00:06:14,760 --> 00:06:17,960 Speaker 10: will create Italy's third largest bank with two hundred and 121 00:06:18,000 --> 00:06:20,640 Speaker 10: thirty billion euros in assets. This is kind of the 122 00:06:20,680 --> 00:06:24,400 Speaker 10: combination of a really impressive turnaround for Monte Tepesci, which 123 00:06:24,480 --> 00:06:27,240 Speaker 10: was nationalized in twenty seventeen, which is really not that 124 00:06:27,279 --> 00:06:30,240 Speaker 10: long ago and has only recently emerged from a really 125 00:06:30,279 --> 00:06:32,840 Speaker 10: deep restructuring. A lot of that is thanks to the 126 00:06:32,880 --> 00:06:36,560 Speaker 10: current CEO who managed to kind of boost profitability, which 127 00:06:36,600 --> 00:06:38,880 Speaker 10: in turn lifted the share price and then allowed the 128 00:06:38,920 --> 00:06:42,320 Speaker 10: government to sell down at that stake. The new deal 129 00:06:42,440 --> 00:06:45,160 Speaker 10: is also good news for Prime Minister Georgia Maloney, who 130 00:06:45,200 --> 00:06:47,560 Speaker 10: has been keen for a long time to establish a 131 00:06:47,600 --> 00:06:52,160 Speaker 10: new large lender that could kind of rival UniCredit in Tessa, 132 00:06:52,200 --> 00:06:54,839 Speaker 10: and that announcement of that deal really lifted the shares 133 00:06:54,880 --> 00:06:57,000 Speaker 10: for both Paski and also Medio Banker. 134 00:06:57,040 --> 00:07:02,559 Speaker 2: This morning, in terms of the fence Tech, SAB is down, 135 00:07:02,600 --> 00:07:03,640 Speaker 2: so it's feeling a bit of pressure. 136 00:07:03,680 --> 00:07:05,040 Speaker 1: The stock is under a bit of pressure today. 137 00:07:05,440 --> 00:07:07,920 Speaker 2: What is the rationale behind that on a day where 138 00:07:07,920 --> 00:07:10,840 Speaker 2: we have a massive defense event taking place here in London. 139 00:07:10,960 --> 00:07:15,400 Speaker 10: Yeah, so SAB was initiated at rating at Barkley's this morning, 140 00:07:15,440 --> 00:07:19,040 Speaker 10: which explains that weakness in the shares. It's perhaps not 141 00:07:19,080 --> 00:07:21,480 Speaker 10: as well positioned as some other pits in that defense 142 00:07:21,520 --> 00:07:24,400 Speaker 10: sector to take advantage fully of all that military build 143 00:07:24,440 --> 00:07:27,520 Speaker 10: up and defense spending that we see across Europe. It 144 00:07:27,560 --> 00:07:30,720 Speaker 10: also comes just a few days after another underweight rating 145 00:07:30,760 --> 00:07:33,720 Speaker 10: that it got at Morgan Stanley with and is being 146 00:07:34,040 --> 00:07:37,280 Speaker 10: quite cautious of the expectations for that sector, maybe being 147 00:07:37,320 --> 00:07:40,400 Speaker 10: a little bit too lofty. The Morgan Stanley analyst had 148 00:07:40,440 --> 00:07:43,720 Speaker 10: said that consensus was already fifty percent ahead of saab's 149 00:07:43,760 --> 00:07:49,000 Speaker 10: expansion targets, despite some risks with the execution. So something 150 00:07:49,040 --> 00:07:51,280 Speaker 10: kind of worth keeping in mind with that European defense 151 00:07:51,320 --> 00:07:54,240 Speaker 10: sector and the expectations that are being put on it. 152 00:07:55,360 --> 00:07:58,840 Speaker 9: Yeah, okay, so that's as we look at SARB and 153 00:07:58,920 --> 00:08:01,080 Speaker 9: these stocks to watch this morning. Thank you so much 154 00:08:01,120 --> 00:08:04,080 Speaker 9: Chloe for being with us cloone Millay there with our 155 00:08:04,160 --> 00:08:07,160 Speaker 9: Stock Movers reports. You can listen to those five minute 156 00:08:07,160 --> 00:08:09,360 Speaker 9: audio reports or the biggest winners and losers in the 157 00:08:09,360 --> 00:08:12,960 Speaker 9: stock market. Subscribe to Stock Movers on Apple podcast, Spotify 158 00:08:13,080 --> 00:08:15,920 Speaker 9: or anywhere else you listen. I was just picking up 159 00:08:15,920 --> 00:08:19,560 Speaker 9: on the defense story, so I was talking actually ahead 160 00:08:19,600 --> 00:08:23,720 Speaker 9: of this event. So London's opening the doors to thousands 161 00:08:23,800 --> 00:08:25,880 Speaker 9: of people who are coming for one of the biggest 162 00:08:25,960 --> 00:08:29,239 Speaker 9: defense events on the calendar in the year is happening 163 00:08:29,280 --> 00:08:32,560 Speaker 9: at Docklands, and it's the d SEI This is Defense 164 00:08:32,800 --> 00:08:36,800 Speaker 9: and Security Equipment International event. It's usually an event that 165 00:08:36,920 --> 00:08:39,440 Speaker 9: only kind of insiders go to, all though very big 166 00:08:39,480 --> 00:08:42,520 Speaker 9: company names. But now there is so much focus on 167 00:08:43,280 --> 00:08:46,400 Speaker 9: defense m and A on contracts after the UK one, 168 00:08:46,800 --> 00:08:51,400 Speaker 9: the shipbuilding deal for Norway for new frigates. It's going 169 00:08:51,480 --> 00:08:53,440 Speaker 9: to be a very very interesting event, isn't it. 170 00:08:53,600 --> 00:08:56,319 Speaker 2: Yeah. I'll be on the ground there later today as well, 171 00:08:56,400 --> 00:08:58,840 Speaker 2: having a look at what's being on, what's being displayed, 172 00:08:58,880 --> 00:09:01,480 Speaker 2: and speaking to executives and to your point of course, 173 00:09:01,520 --> 00:09:04,760 Speaker 2: at a time when the UK, France, Germany specifically are 174 00:09:04,800 --> 00:09:07,720 Speaker 2: spending heavily on defense and see, it's pretty consequential. 175 00:09:07,840 --> 00:09:10,160 Speaker 9: Okay, that's the one story we're thinking about today, but 176 00:09:10,200 --> 00:09:12,520 Speaker 9: also we'll bring you the latest on France in the 177 00:09:12,559 --> 00:09:15,160 Speaker 9: next part of Bloomberg Day, Baker, We're live from London 178 00:09:15,200 --> 00:09:17,679 Speaker 9: and Paris this morning. 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