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Let's talk a little bit about these stocks on the move today here in Europe. I'm Caroline Hepget and I'm joined by Breaking News editor Louis Moon. Louis good to speak to you. Let's drill down into some of the gains that we're seeing in the mining space this morning, even though the overall European market is down.
Indeed, yes, so mining stocks are really gaining from this rallying commodities that we're seeing. So gold, silver, copper all hitting record highs. You know, copper's approaching twelve thousand dollars a ton, and mining stocks are gaining on the back of this, particularly those with quite significant exposures copper. So the likes of in London, BHP, Ria, Tinto, Anglo American
all higher on the back of this. And if you look at the foot ye hundred, you know, mining stocks as a whole are leading the index, so really rallying on the back of that commodity's gains.
Okay, so that's interesting. We're also milking you for stocks news. You're looking at EU dairy giants.
Why well, so so China has imposed duties on certain dairy products that are being imported from Europe. So these duties are up to forty two point seven percent, so pretty high. And that's after they add a probe into the sector and found that. They say that they found that, you know, some of these dairy products were subsidized. They're the ones that are being imported from Europe. So this is going to be imposed from tomorrow and it's kind of the latest a in a bit of a tip
tap trade dispute between China and the EUS. So if you look at the Chinese side of things, their related stocks are doing well on the back of this news. But obviously if you look at the likes of dan On Nesle in Europe, both are very exposed to the
Chinese market. Both down on the back of this. So dan On more so about one point five percent last time I checked just just a minute ago, and Nesle also down almost one percent as well, So both into the red on the back of those those duties that will be imposed from China.
As off tomorrow. Yeah, there's been a real tip for tat hasn't there between the EU and China. VU in October imposing taras or electric vehicles from China as high as forty five percent. So now there's dairy tariffs going the other way. Okay. We also mentioned the other the other commodities that are gaining, and that is oil. And you have Harbor, which is a big UK oil company looking abroad. Tell us a bit about that story.
It is Yees.
So it's one of the largest oil and gas companies, one of the largest producers in the UK North Seat, so a big player on this side of the pond. They announced a big deal this morning. So they're buying a company that's called Lelog Exploration. That's for three point two billion US dollars, so two point seven billion will be in cash and then five hundred million in voting shares. So this company is it's a oil and gas company in the US golf of Mexico. So this, as you say,
this is hard our energy expanding more abroad. They've been adding operations abroad. You know, as the North Sea goes into decline, there's high taxes, high windfill texas from the UK government. There's been a lot of consolidation in the space, and they've been establishing more units away from that, so the likes of Norway and Argentina as well. So this is their entry into the US Golf of Mexico. So that's expected to complete in the first quarter of next
year of twenty twenty six. So, I mean, on the Facebook, it looks quite positive, and there was an also a note from Blombugo Intelligence saying, you know, there's strong strategic rationale for this. It delivers a bit of a portfolio rebalancing, as I kind of mentioned, towards the Gulf of Mexico, which offers higher margins. You know, it reduces exposure to
the UK, so all of those factors. But if you look at their stock, it was actually down on the news, down about seven percent into the red, and traders are saying this could be to do with the size of the debt they're taking on to finance this deal. So we'll be watching for for any more details or you know, how the stock continues to react from that. But it's a yeah, a play from harbor energy out of the UK, pushing and diversifying the portfolio more.
The Stock Movers report from Bloomberg Radio check back with us throughout the day for the latest roundup of companies making news on Wall Street, and for the latest market moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube, Bloomberg dot com, and on Applecarplay and Android Auto with the Bloomberg Business app.