1 00:00:02,520 --> 00:00:08,720 Speaker 1: Bloomberg Audio Studios, podcasts, radio News, The. 2 00:00:08,720 --> 00:00:12,560 Speaker 2: Stock Movers Report, your roundup of companies making moves in 3 00:00:12,600 --> 00:00:16,239 Speaker 2: the stock market. Harnessing the power of Bloomberg Data. 4 00:00:16,440 --> 00:00:17,759 Speaker 3: Let's take a look at some of the stocks on 5 00:00:17,800 --> 00:00:20,760 Speaker 3: the move today. Here in Yourebine Caroline Hedger with Tom McKenzie. 6 00:00:20,800 --> 00:00:24,119 Speaker 3: We're joined by Bloomberg reporter Chloe Meleet. Good morning, Chloe. 7 00:00:24,200 --> 00:00:24,439 Speaker 4: Morning. 8 00:00:24,560 --> 00:00:29,400 Speaker 3: Abn Amro. Their new CEO has got some big plans. 9 00:00:29,440 --> 00:00:30,840 Speaker 3: What's the market reaction. 10 00:00:30,800 --> 00:00:32,240 Speaker 1: Yeah, very good market reaction. 11 00:00:32,320 --> 00:00:34,520 Speaker 4: So you have some big changes at the Dutch bank 12 00:00:34,560 --> 00:00:37,120 Speaker 4: with the new CEO who's joined back in April. So 13 00:00:37,440 --> 00:00:40,639 Speaker 4: she announced plans to cut five two hundred jobs over 14 00:00:40,640 --> 00:00:44,240 Speaker 4: the next few years to cut costs and boost profitability 15 00:00:44,280 --> 00:00:47,080 Speaker 4: at the bank. That represents about twenty percent of the workforce. 16 00:00:47,120 --> 00:00:50,200 Speaker 4: So that is a major decision. And then that's part 17 00:00:50,200 --> 00:00:54,319 Speaker 4: of a broader revamp that includes ambitions to strengthen its 18 00:00:54,360 --> 00:00:57,760 Speaker 4: position in the Dutch retail banking space. Part of that 19 00:00:57,960 --> 00:01:01,080 Speaker 4: was the NIBC Bank deal that had just a couple 20 00:01:01,080 --> 00:01:03,760 Speaker 4: of weeks ago, and also to become a top five 21 00:01:03,840 --> 00:01:06,720 Speaker 4: private bank in Europe. So it also wants to get 22 00:01:06,840 --> 00:01:10,319 Speaker 4: rid of some unprofitable exposures, so it has reached an 23 00:01:10,360 --> 00:01:13,000 Speaker 4: agreement to sell it's our FAM subsidiary, which is a 24 00:01:13,000 --> 00:01:14,200 Speaker 4: personal loan business, so. 25 00:01:14,120 --> 00:01:15,840 Speaker 1: It's making a lot of different changes. 26 00:01:15,840 --> 00:01:20,040 Speaker 4: It also provided them medium term targets, targeting twenty twenty 27 00:01:20,080 --> 00:01:22,840 Speaker 4: eight revenue of more than ten billion euros, which analysts 28 00:01:22,880 --> 00:01:26,560 Speaker 4: say is quite achievable. Some other targets, like the return 29 00:01:26,640 --> 00:01:29,240 Speaker 4: on equity, look a little bit more challenging to achieve 30 00:01:29,280 --> 00:01:32,600 Speaker 4: according to analysts, but overall, the market is responding very 31 00:01:32,600 --> 00:01:35,400 Speaker 4: warmly to all those plans, and particularly this plan to 32 00:01:35,480 --> 00:01:37,760 Speaker 4: cut about twenty percent of the workforce. 33 00:01:38,120 --> 00:01:41,760 Speaker 3: Yeah. The CEO, Marguerite Berrah, she's a French executive and 34 00:01:41,800 --> 00:01:44,800 Speaker 3: apparently she's also learning Dutch, so she's got a lot 35 00:01:44,840 --> 00:01:45,679 Speaker 3: to do at the bank. 36 00:01:46,280 --> 00:01:49,320 Speaker 5: AI are an impact as well in terms of some 37 00:01:49,320 --> 00:01:50,960 Speaker 5: of the jobs. It seems there were some of the 38 00:01:50,960 --> 00:01:53,840 Speaker 5: efficiencies that they hoped They hoped, great, we're switching focus 39 00:01:53,960 --> 00:01:57,120 Speaker 5: to the DIY parent company, at least parent company of 40 00:01:57,120 --> 00:02:00,080 Speaker 5: a lot of these DIY stores like screw fix and 41 00:02:00,080 --> 00:02:02,760 Speaker 5: and Breck. Oh and is it being Q as well? Yeah, 42 00:02:03,320 --> 00:02:07,000 Speaker 5: falls under Kingfisher. Yeah, so what is happening with that? 43 00:02:07,040 --> 00:02:09,800 Speaker 4: With that stock so yeah, so it raised its earnings 44 00:02:09,800 --> 00:02:12,280 Speaker 4: guidance for the second time this year, and it also 45 00:02:12,520 --> 00:02:15,320 Speaker 4: had third quarter sales that were also ahead of estimate, 46 00:02:15,400 --> 00:02:19,679 Speaker 4: so quite quite good performance across the business, but specifically 47 00:02:19,880 --> 00:02:21,760 Speaker 4: in the UK business. So as you mentioned being Q 48 00:02:21,960 --> 00:02:25,240 Speaker 4: and screw Fix other two under that that Kingfisher banner 49 00:02:25,720 --> 00:02:28,200 Speaker 4: there were good was good performance in the big ticket 50 00:02:28,240 --> 00:02:31,000 Speaker 4: categories and also in e commerce, so the things like 51 00:02:31,040 --> 00:02:33,119 Speaker 4: click and Collective worked out quite well for them. 52 00:02:33,720 --> 00:02:35,520 Speaker 1: That perhaps an interesting. 53 00:02:35,160 --> 00:02:39,840 Speaker 4: Counterpoint to the subdued consumer sentiment that other retailers have 54 00:02:39,919 --> 00:02:42,960 Speaker 4: mentioned over the last few weeks, remember Asos JD Sports 55 00:02:43,000 --> 00:02:45,320 Speaker 4: mentioning all of that, maybe people are more willing to 56 00:02:45,320 --> 00:02:48,919 Speaker 4: buy a big sofa rather than maybe shoes and clothes 57 00:02:48,919 --> 00:02:52,200 Speaker 4: from asoce and JD Sports. But definitely very positive morning 58 00:02:52,200 --> 00:02:52,880 Speaker 4: for Kingfisher. 59 00:02:53,040 --> 00:02:56,920 Speaker 3: Okay, interesting, and let's think about defense stocks. They've actually 60 00:02:56,919 --> 00:03:00,480 Speaker 3: been having quite a difficult month over the last month, 61 00:03:00,880 --> 00:03:05,000 Speaker 3: Ryan Mittal, How are they firing given the Russia Ukraine 62 00:03:05,080 --> 00:03:08,200 Speaker 3: conflict and the discussions around whether there might be some 63 00:03:08,320 --> 00:03:09,240 Speaker 3: kind of peace plan. 64 00:03:09,560 --> 00:03:12,080 Speaker 1: Yeah, they're doing a little bit better today. 65 00:03:12,200 --> 00:03:14,440 Speaker 4: So just yesterday they had quite a tough days and 66 00:03:14,520 --> 00:03:17,239 Speaker 4: you mentioned quite a tough last few weeks as well, 67 00:03:17,280 --> 00:03:20,800 Speaker 4: because the prospect of peace in Ukraine was kind of growing, 68 00:03:21,200 --> 00:03:25,240 Speaker 4: but now it's looking increasingly fragile because just yesterday, well 69 00:03:25,720 --> 00:03:29,280 Speaker 4: just overnight some exchange, they exchanged some quite heavy fire Ukraine. 70 00:03:29,320 --> 00:03:32,040 Speaker 4: In Russia, there were air raids on Kiev and assaults 71 00:03:32,040 --> 00:03:33,079 Speaker 4: on southern Russia. 72 00:03:33,160 --> 00:03:35,360 Speaker 1: So the hopes of a peace deal just yesterday were 73 00:03:35,560 --> 00:03:36,120 Speaker 1: quite high. 74 00:03:36,200 --> 00:03:39,360 Speaker 4: Negotiations were happening in Switzerland on the different terms. There 75 00:03:39,400 --> 00:03:42,160 Speaker 4: was an upcoming meeting between the US and Ukraine. But 76 00:03:42,320 --> 00:03:44,480 Speaker 4: now it's looking a little bit more fragile, and therefore 77 00:03:44,680 --> 00:03:47,480 Speaker 4: defense docks are up again. So we have seen strength 78 00:03:47,520 --> 00:03:49,720 Speaker 4: in Rhyane Mettal this morning, but also a hand sold 79 00:03:49,880 --> 00:03:53,240 Speaker 4: rank group, etc. But yeah, as you said, overall, defense 80 00:03:53,280 --> 00:03:56,360 Speaker 4: docks have been on a downward trajectory and that has 81 00:03:56,400 --> 00:03:59,200 Speaker 4: been particularly bad in recent days because of that progress 82 00:03:59,240 --> 00:04:02,320 Speaker 4: on those peace talks. But obviously hostilities are picking up 83 00:04:02,320 --> 00:04:06,000 Speaker 4: and that is making things a little bit better for them. 84 00:04:06,080 --> 00:04:10,120 Speaker 2: The Stock Movers Report from Bloomberg Radio. Check back with 85 00:04:10,200 --> 00:04:12,760 Speaker 2: us throughout the day for the latest roundup of companies 86 00:04:12,840 --> 00:04:15,960 Speaker 2: making news on Wall Street and for the latest market 87 00:04:15,960 --> 00:04:20,440 Speaker 2: moving headlines. Listen to Bloomberg Radio Live. Catch us on YouTube, 88 00:04:20,520 --> 00:04:24,039 Speaker 2: Bloomberg dot com, and on Applecarplay and Android Auto with 89 00:04:24,120 --> 00:04:25,599 Speaker 2: the Bloomberg Business app.