European Economics Preview: Germany Economic Sentiment, IP Data Due

Prudential Declares Demerger Dividend – Quick Facts

Prudential plc (PRU.L,PUK) said a committee of its Board has approved the demerger dividend. Qualifying shareholders are entitled to receive one share of Jackson’s Class A common stock for every 40 Prudential shares held by them at the record time.

Following the declaration, Prudential has completed the demerger of Jackson. Jackson is now an independent company listed on the NYSE. Jackson’s class A common stock is expected to commence regular way trading on 20 September 2021.

Prudential will retain an initial holding of 19.9 percent voting interest in Jackson. The company plans to sell down this initial holding within 12 months, such that Prudential expects to own less than 10 percent of Jackson’s total combined voting power.

Mike Wells, Group Chief Executive of Prudential, said: “With the demerger of Jackson completed, Prudential’s businesses are focused exclusively on Asia and Africa providing life and health insurance and asset management.”

Amryt Raises 2021 Revenue Guidance – Quick Facts

Amryt (AMYT) said, given the strong performance of business year to date and recent acquisition of Chiasma, the company once again increased full year 2021 revenue guidance. For full year 2021, Amryt now projects revenue in a range of $220 million to $225 million which represents growth of 20%-23% from last year. The company’s prior guidance was between $210 million – $215 million.

Amryt is a global commercial-stage biopharmaceutical company focused on acquiring, developing and commercializing innovative treatments to help improve the lives of patients with rare and orphan diseases.

TransUnion To Acquire Neustar – Quick Facts

TransUnion (TRU) has agreed to acquire Neustar from a private investment group led by Golden Gate Capital and with minority participation by GIC. Headquartered in Reston, Virginia, Neustar is an identity resolution company. It provides the data and technology that enable trusted connections between companies and people. The consideration is $3.1 billion in cash. TransUnion projects the acquisition to be accretive to adjusted diluted earnings per share beginning in 2023.

“TransUnion’s powerful digital identity assets, enhanced by Neustar’s distinctive data and digital resolution capabilities, will enable safer and more personalized online experiences for consumers and businesses,” said Chris Cartwright, CEO of TransUnion.

Neustar serves more than 8,000 clients worldwide. Neustar is anticipated to generate approximately $575 million of revenue and $115 million of adjusted EBITDA in 2021.

Gold Holds Steady In Lackluster Trade

Gold held steady on Monday as benchmark 10-year U.S treasury yields eased, lowering the opportunity cost for holding non-interest bearing bullion.

Spot gold edged up 0.1 percent to $1,790.19 per ounce, while U.S. gold futures were little changed at $1,791.60.

The dollar index hit a more than two-week high after comments from several Fed officials supported a reduction in stimulus measures this year.

Federal Reserve Bank of Philadelphia President Patrick Harker said that he supports moving toward a tapering process sooner rather than later.

Investors now await U.S. consumer inflation figures for August this week amid concerns the Federal Reserve and other central banks might move sooner to nudge interest rates up from the ultra-low levels.

U.S. wholesale inflation data published late last week showed prices climbed an annual 8.3 percent last month, marking the biggest annual gain since the Labor Department started calculating the 12-month number in 2010.

Elsewhere, Japan’s wholesale inflation hovered near a 13-year high in August as the country prepares for a leadership transition.

This week’s trading may also be impacted by some key U.S. economic data, including reports on retail sales, industrial production, import and export prices, consumer sentiment and regional manufacturing activity.

PE firm CVC to buy Glendower Capital

(Reuters) – has agreed to buy Glendower Capital LLP, the companies said on Monday, creating a combined company with total assets under management of about 113 billion euros.

Financial terms of the deal were not disclosed.

Glendower, which was founded in 2006 as part of Deutsche Bank’s asset mangement business and spun out by the German lender in 2017, focuses on secondary buyouts, or buying assets from other private equity firms.

European Economics Preview: Germany Economic Sentiment, IP Data Due

Economic confidence and industrial production reports from Germany are due on Tuesday, headlining a busy day for the European economic news.

At 1.45 am ET, Swiss unemployment data is due for August. The jobless rate is seen unchanged at seasonally adjusted 3.0 percent.

At 2.00 am ET, Destatis releases Germany’s industrial production data for July. Economists forecast output to grow 0.9 percent on month, in contrast to a 1.3 percent fall in June.

In the meantime, UK Halifax house price data is due. Monthly house price inflation is forecast to rise to 1.1 percent in August from 0.4 percent in July.

Also, foreign trade from Finland and industrial output from Norway are due.

At 3.00 am ET, retail sales from the Czech Republic and industrial production from Hungary are due. Sales are forecast to grow 4.9 percent on year in July, following June’s 7.2 percent increase.

At 5.00 am ET, Germany ZEW economic confidence survey results are due. The economic sentiment index is forecast to fall to 30.0 in September from 40.4 in the previous month.

Also, Eurostat is slated to issue euro area revised quarterly GDP data. The statistical office is expected to confirm 2 percent sequential growth for the second quarter.