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Speaker 1: Chicago FED President Austin Goilsby. I want to get more information.
Speaker 1: I'm still undecided. Richmond FED President Thomas Barkin.
Speaker 3: Absolutely critical the independence of the FED. That does not
Speaker 3: mean that is not held accountable.
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Speaker 1: How is Africa riding the crypto wave?
Speaker 6: Why are record, coffee prices, a double edged sword, and
Speaker 6: what do China's economic woes mean for African debt. I'm
Speaker 6: Jennifer Zabasaja. Join me for Next Africa, a podcast from
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Speaker 4: Influential conversations from Bloomberg Television. Here's Matt Miller and Danny Berger.
Speaker 7: Joining us now is Faru Katwari. Ethan Allen Chairman, President
Speaker 7: and CEO. Ethan Allen manufacturers about seventy five percent of
Speaker 7: its furniture in North America, about half in the US.
Speaker 7: How are you setting up for these potential new taxes totys?
Speaker 3: Back when manufacturing was leaving the United States, we decided
Speaker 3: that we will stay in North America. Not an easy decision. Well,
Speaker 3: it has given us a good opportunity. First is we
Speaker 3: had to make sure that we had the more efficient
Speaker 3: manufacturer in the United States. We've been very fortunate to
Speaker 3: have great talent. We've got to treat them well. And
Speaker 3: technology is important to right well, can I ask.
Speaker 8: You then about that twenty five percent of your supply
Speaker 8: chain that is still coming not from North America, with
Speaker 8: those tariffs looming already some tariffs being put on them.
Speaker 8: How are you thinking about it? What are you planning
Speaker 8: to do with it? Do you adjust or do you
Speaker 8: take the tariff hit.
Speaker 3: A lot of that is affecting what we call non
Speaker 3: furniture products, like for instant, accessory products, textile products, rugs,
Speaker 3: some furniture also. I think as we go forward, we're
Speaker 3: looking at two things. One is sharing with our partners
Speaker 3: overseas and then then taking some price increases. And we
Speaker 3: go to see both of that in the next few months.
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Speaker 9: Hey fifty three am in the city of London. GOODBONI
Speaker 9: I'm Caroline HPKA. Your pinstocks are actually up by a
Speaker 9: tenth of one percent, and even cat cow stocks gaining
Speaker 9: four tenths of one percent. Is this something of a
Speaker 9: relief rally as investors look to the next move in
Speaker 9: terms of the appointment of a new premiere by Imanue
Speaker 9: and Macon in Paris. In terms of the euro, right
Speaker 9: now we trade at one seventeen fifty three softter a
Speaker 9: tenth of one percent against a weaker US dollar. The
Speaker 9: pound is firm on cable two tenths of one percent.
Speaker 9: There's not much data, to be honest, to drive markets today.
Speaker 9: We're waiting for the CPI, the PPI data out of
Speaker 9: the US, and then the ECB rate decision and the
Speaker 9: Fed next week. Obviously, S and P five hundred emaanies
Speaker 9: are up by a tenth of one percent for futures
Speaker 9: after we got close to it yes another record a yesterday,
Speaker 9: and just last the gold is currently up to tens
Speaker 9: of one percent. Keeping an arm that those are the
Speaker 9: markets this hour.
Speaker 2: Let's take a look at some stocks on the move
Speaker 2: today in Europe. I'm Tom McKenzie with Caroline Hepcutt. We
Speaker 2: are joined by Bloomberg reporter Chloe Melle and Chloe Anglo American.
Speaker 2: The mining stocks very much in focus. This is a
Speaker 2: Bloomberg scoop around a potential merger, and my goodness, the
Speaker 2: move on Anglo is impressive, isn't it? Up seven point
Speaker 2: seven percent right now? They're leading European stock in terms
Speaker 2: of the gains coming through talk us through that mining
Speaker 2: potential mining deal and what it's doing to the rest
Speaker 2: of the sector.
Speaker 9: Yeah.
Speaker 10: Absolutely, So. Anglo American has agreed to combine with Tech
Speaker 10: Resources over in Canada, as you said, and that would
Speaker 10: be one of the biggest mining deals in over a decade.
Speaker 10: This is a so called zero premium deal, which means
Speaker 10: that there's a target company that is not offered a
Speaker 10: premium over its current market value, so that's why they
Speaker 10: called it a merger of equals. Anglo willpaid's investors four
Speaker 10: point five billion dollar special dividend ahead of the combination,
Speaker 10: which might to explain why that share price is up
Speaker 10: and makes investors quite happy. It's interesting because both companies
Speaker 10: have actually been pursued by bigger miners in recent years.
Speaker 10: So we remember last year Anglo American fighting off the
Speaker 10: approach from BHP. Glen Core was also was also tried
Speaker 10: to buy a Tech in twenty twenty three, so maybe
Speaker 10: that Tech and Anglo bonded over that. But there's been
Speaker 10: a bit of a deal making frenzy over the last
Speaker 10: couple of years in that mining sector, and so it's
Speaker 10: worth keeping in mind that the announcement of the deal
Speaker 10: could actually kick off new bids for Tech or Anglo
Speaker 10: American on the back of that.
Speaker 9: Yeah. Absolutely, it's interesting, isn't it. That's combined value. I mean,
Speaker 9: something like fifty billion dollars is a safety billionaire in
Speaker 9: terms of other stocks that we're thinking about. Then, So
Speaker 9: that massive M and A deal aside outlook for the
Speaker 9: Italian lender Monte Depasci after announce a take of Media Banker.
Speaker 10: Yes, so more M and A news is actually quite
Speaker 10: an M and A focus day to day is actually
Speaker 10: was founded in fourteen seventy two. That's a fun little tidbits.
Speaker 10: Considered is considered to be the world's oldest bank still
Speaker 10: on operation. It's finally worn control over Medio Banker. So
Speaker 10: this is a sixteen billion euro takeover deal and that
Speaker 10: will create Italy's third largest bank with two hundred and
Speaker 10: thirty billion euros in assets. This is kind of the
Speaker 10: combination of a really impressive turnaround for Monte Tepesci, which
Speaker 10: was nationalized in twenty seventeen, which is really not that
Speaker 10: long ago and has only recently emerged from a really
Speaker 10: deep restructuring. A lot of that is thanks to the
Speaker 10: current CEO who managed to kind of boost profitability, which
Speaker 10: in turn lifted the share price and then allowed the
Speaker 10: government to sell down at that stake. The new deal
Speaker 10: is also good news for Prime Minister Georgia Maloney, who
Speaker 10: has been keen for a long time to establish a
Speaker 10: new large lender that could kind of rival UniCredit in Tessa,
Speaker 10: and that announcement of that deal really lifted the shares
Speaker 10: for both Paski and also Medio Banker.
Speaker 2: This morning, in terms of the fence Tech, SAB is down,
Speaker 2: so it's feeling a bit of pressure.
Speaker 1: The stock is under a bit of pressure today.
Speaker 2: What is the rationale behind that on a day where
Speaker 2: we have a massive defense event taking place here in London.
Speaker 10: Yeah, so SAB was initiated at rating at Barkley's this morning,
Speaker 10: which explains that weakness in the shares. It's perhaps not
Speaker 10: as well positioned as some other pits in that defense
Speaker 10: sector to take advantage fully of all that military build
Speaker 10: up and defense spending that we see across Europe. It
Speaker 10: also comes just a few days after another underweight rating
Speaker 10: that it got at Morgan Stanley with and is being
Speaker 10: quite cautious of the expectations for that sector, maybe being
Speaker 10: a little bit too lofty. The Morgan Stanley analyst had
Speaker 10: said that consensus was already fifty percent ahead of saab's
Speaker 10: expansion targets, despite some risks with the execution. So something
Speaker 10: kind of worth keeping in mind with that European defense
Speaker 10: sector and the expectations that are being put on it.
Speaker 9: Yeah, okay, so that's as we look at SARB and
Speaker 9: these stocks to watch this morning. Thank you so much
Speaker 9: Chloe for being with us cloone Millay there with our
Speaker 9: Stock Movers reports. You can listen to those five minute
Speaker 9: audio reports or the biggest winners and losers in the
Speaker 9: stock market. Subscribe to Stock Movers on Apple podcast, Spotify
Speaker 9: or anywhere else you listen. I was just picking up
Speaker 9: on the defense story, so I was talking actually ahead
Speaker 9: of this event. So London's opening the doors to thousands
Speaker 9: of people who are coming for one of the biggest
Speaker 9: defense events on the calendar in the year is happening
Speaker 9: at Docklands, and it's the d SEI This is Defense
Speaker 9: and Security Equipment International event. It's usually an event that
Speaker 9: only kind of insiders go to, all though very big
Speaker 9: company names. But now there is so much focus on
Speaker 9: defense m and A on contracts after the UK one,
Speaker 9: the shipbuilding deal for Norway for new frigates. It's going
Speaker 9: to be a very very interesting event, isn't it.
Speaker 2: Yeah. I'll be on the ground there later today as well,
Speaker 2: having a look at what's being on, what's being displayed,
Speaker 2: and speaking to executives and to your point of course,
Speaker 2: at a time when the UK, France, Germany specifically are
Speaker 2: spending heavily on defense and see, it's pretty consequential.
Speaker 9: Okay, that's the one story we're thinking about today, but
Speaker 9: also we'll bring you the latest on France in the
Speaker 9: next part of Bloomberg Day, Baker, We're live from London
Speaker 9: and Paris this morning. This is Gloomberg.
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