Tourmaline, Anglo American, Monte Paschi: Market Movers

M&A are moving markets: Anglo American's (AAL.L) merger with Teck Resources (TECK) is the largest mining deal in a decade. Banca Monte dei Paschi (BMPS.MI) pulls off a $16 billion takeover that's set to reshape Italian finance. And shares of Tourmaline Bio (TRML) jumped nearly 58% in pre-market on the news that it is being acquired by Swiss giant Novartis (NVS).

Ramzan Karmali breaks down what's moving markets in Morning brief: Market Sunrise. For 24/7 coverage and analysis head to Yahoo Finance.

Video Transcript

00:08 Speaker A

Okay, for market movers, we're going to focus on mergers. First, a big one in the mining sector. Anglo American has agreed to acquire Canada's Tech resources, creating a company worth more than $50 billion. Anglo shares rose in early trade in London this morning. The deal marks a big bet by Anglo on copper, demand for which is forecast to rise sharply, driven by the electric vehicle boom and emerging uses such as AI powered data centers.

00:40 Speaker A

US-listed shares of tech were also up sharply. Now, AngloTech will be headquartered in Canada, but have a primary listing in London.

00:49 Speaker A

Our next merger takes us to banking and Italy. Banca Monte de Passki de Sienna has secured a majority stake in Medio Banca, cementing a once unthinkable 16 billion euro takeover that's set to reshape Italian finance. The deal is set to create Italy's third largest lender by assets. Now, it's worth noting that the Prime Minister Giorgio Meloni has always wanted to establish a new large bank that can rival Intesa San Paulo and UniCredit.

01:19 Speaker A

And our final deal takes us to healthcare. Swiss drug giant Novartis will acquire Tourmaline Bio for $48 per share, valuing the New York-based biopharmaceutical company at $1.4 billion. And just look what that's meant for Tourmaline's share price. It's up over 58% in the pre-market.

01:43 Speaker A

Okay, before we go, let's have a final check on futures, and US stock futures are in the main nudging higher as investors weigh up the prospects for interest rate cuts ahead of key inflation readings we'll get later this week. Watch out today at 10:00 a.m. Eastern for the jobs data revision 2.

02:02 Speaker A

and moving on to the European boards now, and European stocks are in positive territory today so far with those rising expectations of a rate cut from the US Fed offsetting political uncertainty we're seeing in France following the government's collapse there.

02:15 Speaker A

And finally, a quick look at Asian markets and Japan's Nikkei fell back. It had hit an intraday high following the political turmoil in the country after the Prime Minister there resigned. He was a fiscal hawk, remember. Now, the rest of Asia was in a more positive mood following Wall Street's lead yesterday. Related Videos

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