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Tag: allianz

  • HSBC’s $2B Singapore Insurance Unit Sale to Allianz: A Strategic Boost for Both Giants

    HSBC’s $2B Singapore Insurance Unit Sale to Allianz: A Strategic Boost for Both Giants

    HSBC has announced that it will sell its life and health insurance division in Singapore to Germany’s Allianz. The deal, which values the unit at SGD2.7 billion (US$2.09 billion), is expected to produce a pre-tax gain of US$1.8 billion for HSBC and potentially enhance the HSBC Group’s common equity tier 1 ratio by up to 15 basis points.

    Simplifying Operations and Boosting Capital Returns

    This sale signifies another move in HSBC CEO Georges Elhedery’s strategy to streamline operations at Europe’s largest bank and reinvest capital into sectors and markets that promise better yields. Simultaneously, he aims to maintain Singapore’s position as a vital hub for wealth and wholesale banking.

    The deal presents Allianz with a unique chance to expand in Singapore, a wealthy, strictly regulated market where distribution networks and bank-insurance partnerships carry high value. Anusha Thavarajah, Allianz’s Asia Pacific Regional CEO, states that the transaction underscores her company’s confidence in Singapore and recognizes HSBC Life Singapore’s fast-growing business, local expertise, and solid reputation among customers and partners.

    The planned divestment, set to occur in early 2027, will lead HSBC to enter a 15-year bank-insurance distribution agreement with Allianz. This agreement involves selling insurance products in Singapore, supported by an upfront payment of SGD200 million.

    Expanding Insurance Business

    The deal arrives in the wake of HSBC’s broader expansion in the insurance sector. Despite the bank’s ongoing effort to reshape its global footprint and focus on core Asian wealth and corporate banking markets, insurance income has seen a 16% year-on-year rise in the first quarter. This trend has contributed to an 18% boost in quarterly wealth revenue.

    Past investment interests include HSBC Holdings’ acquisition of French insurer Axa’s Singapore assets for US$529 million in 2022. However, the bank is also known for trimming smaller or less scalable retail and insurance operations in parts of Asia, while fiercely vying for affluent clients in the region.

    This sale follows Singapore’s Overseas-Chinese Banking Corp’s announcement in May of its Indonesian unit’s acquisition of certain HSBC wealth and premier banking portfolio assets and liabilities. HSBC is currently also reviewing its retail operations in Turkey, Australia, and Egypt.

    Questions & Answers

    What is the value of the deal between HSBC and Allianz?
    The deal values HSBC’s Singapore life and health insurance unit at SGD2.7 billion (US$2.09 billion).

    What will be HSBC’s strategy after the planned divestment in 2027?
    HSBC plans to enter into a 15-year bancassurance distribution agreement with Allianz to sell insurance products in Singapore.

    What has been the trend in HSBC’s insurance income?
    HSBC’s insurance income has seen a 16% year-on-year rise in the first quarter.

  • Allianz GI Sets Eyes on Asias Potential: The Future of Asset Management in Rising Eastern Economies

    Allianz GI Sets Eyes on Asias Potential: The Future of Asset Management in Rising Eastern Economies

    The Asia-Pacific region is becoming a major focus for Allianz Global Investors (Allianz GI) as global growth trends shift eastward. The firm’s CEO, Tobias C. Pross, asserts that Asia remains one of the few regions where structural growth opportunities are still present despite geopolitical challenges and the slowing growth of Western economies.

    Allianz GI’s Growing Presence in Asia

    Allianz GI has been continually expanding its footprint across the Asia-Pacific region, as the firm sees the area’s growth dynamics moving away from conventional Western markets. Pross highlights that whenever growth is discussed in an inflationary context, the Asia-Pacific region stands out prominently.

    The firm has seen a promising start to 2026, reporting approximately €8 billion in net inflows during the first quarter, which has pushed the assets under its management above €600 billion for the first time.

    The company’s recent initiatives include investments in China, Indonesia, and Taiwan, launching new active ETF capabilities, and inaugurating a new office in South Korea. Julie Koo, former Citi executive, has been brought onboard as the Head of Asia Pacific to further strengthen Allianz’s leadership team in the region.

    Investment Opportunities and Market Expansion

    Allianz GI perceives Asia as a long-term source of investment opportunities and client growth, rather than just a distribution market. While some global investors have started to tread cautiously in the China market, Pross affirms that Allianz GI is still dedicated to China, seeing periods of geopolitical uncertainty as opportunities for active managers.

    Allianz GI is also expanding its private markets platform to offer access to infrastructure, private credit, and private equity strategies to a broader range of investors. Pross noted that demand is growing across Asia, as private banks, insurers, and wealthy individuals explore alternative income sources and diversification.

    Furthermore, Allianz GI views artificial intelligence as a significant investment area. The company is developing a global data platform and proprietary large language models to enhance investment research and portfolio management.

    Questions & Answers

    What is Allianz GI’s growth strategy for the Asia-Pacific region?
    Allianz GI aims to expand its presence by investing in key markets such as China, Taiwan, and Indonesia, and by launching new active ETF capabilities. The firm also plans to strengthen its leadership team in the region.

    How does Allianz GI view the China market?
    Despite some investors’ growing caution, Allianz GI remains committed to the China market. The firm believes that periods of geopolitical uncertainty often create opportunities for active managers.

    What role does artificial intelligence play in Allianz GI’s strategy?
    Allianz GI is significantly investing in artificial intelligence. The firm is developing a global data platform and proprietary large language models to enhance its investment research and portfolio management.

  • Allianz Achieves Unprecedented Financial Success with Record-Breaking Results

    Allianz Achieves Unprecedented Financial Success with Record-Breaking Results

    Allianz has kicked off 2025 with an impressive bang, announcing record results for the first quarter. The insurance giant posted an operating profit of €4.2 billion, despite facing a one-off negative tax impact related to the expected sale of its holdings in India. This remarkable achievement marks a 6.3 percent increase compared to the €4.0 billion recorded in Q1 2024, as growth dollars flowed in from all segments.

    Strong Results Across All Segments

    The numbers tell a compelling story of resilience and expansive growth. In the Property and Casualty Insurance sector, Allianz achieved an operating profit of €2.17 billion, up by 5 percent. Notably, the company also improved its combined ratio to 91.8 percent, well below its target of 93 percent. Meanwhile, the Life and Health Insurance segment reported an operating profit of €1.43 billion, rising 8 percent, with the value of new business soaring by 13.6 percent to €1.44 billion. In Asset Management, Allianz saw an operating profit of €811 million, marking a solid 4.8 percent rise, coupled with net inflows of €28.7 billion and steady third-party assets under management at €1.91 trillion.

    Sharing the Wealth

    Looking ahead, Allianz is optimistic about the financial year 2025, maintaining its outlook with a target operating profit of €16 billion, give or take €1 billion. In a bid to reward shareholders, the company initiated a share buyback program, repurchasing its own shares worth €0.1 billion out of a total planned investment of €2 billion.

    With these promising figures and a confident stance for the future, Allianz seems poised to steer through challenges and emerge as a formidable player in the financial landscape. Who knew the world of insurance could appear so vibrant?

    Questions & Answers

    What was Allianz’s operating profit in the first quarter of 2025? Allianz reported an operating profit of €4.2 billion for the first quarter of 2025.

    How did Allianz’s operating profit in Q1 2025 compare to Q1 2024? The operating profit in Q1 2025 marked a 6.3 percent increase from €4.0 billion in Q1 2024.

    What are Allianz’s plans for shareholder returns in 2025? Allianz has initiated a share buyback program targeting up to €2 billion, with €0.1 billion already repurchased in the first quarter.

  • Deutsche Bank Backs Nomination of Ex-Aegon Chief as Chairman

    Deutsche Bank Backs Nomination of Ex-Aegon Chief as Chairman

    Deutsche Bank’s supervisory board committee supported the nomination of a new chairman, formerly from Dutch insurance firm Aegon.

    The supervisory board committee fully backed the nomination of Alexander Wynaendts as the German lender’s new chairman and he now awaits the appointment to be confirmed by shareholder votes in May, according to a report citing an internal memo.

    If successful, Wynaendts will succeed current chairman Paul Achleitner, another former insurance executive from Allianz.

    Wynaendts has experience in the fields that always made Deutsche Bank stand out: strong expertise in retail, corporate, and capital markets business as well as in asset management – and a global network, said Deutsche Bank chief executive Christian Sewing in the memo.

    Wynaendts has over 30 years of experience in the financial sector, serving as CEO and chairman of Aegon from 2008 to 2020 after first joining the Hague-headquartered insurer in 1997.

    At Aegon, Wynaendts led the insurer through a 3 billion euro ($3.39 billion) state bailout and restructuring in the midst of the 2008 financial crisis.

    He began his financial services career with ABN AMRO in 1984, working in the Dutch lenders’ private banking and investment banking operations in Amsterdam and London.

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  • Allianz Asia Pacific Appoints CEO

    Allianz Asia Pacific Appoints CEO

    The Asia Pacific unit of Allianz has named a new chief executive officer to succeed Solman Altin, who has decided to leave the firm after first joining 13 years ago.

    Anusha Thavarajah has been named regional CEO of Allianz Asia Pacific, according to a statement.

    In her new role, Thavarajah has been tasked with delivering long-term growth and driving ongoing transformation efforts.

    Thavarajah has over 30 years of financial services experience and is currently Allianz Asia Pacific’s regional CEO of life and health after joining the business in December 2019 from AIA Malaysia.

    «Having joined our Asia senior leadership team since 2019, [Thavarajah] is also no stranger to our management philosophy and will bring valuable experience and insights, built over a long and illustrious career in insurance,» said Sergio Balbinot, member of the management board of Allianz SE.

  • Allianz Global Investors to Grow Indonesia Presence

    Allianz Global Investors to Grow Indonesia Presence

    The firm has signed an agreement to acquire an Indonesia-based asset manager, where it aims to create an on-the-ground, market-leading setup to grow its footprint.

    Allianz Global Investors (Allianz GI) has announced plans to acquire Indonesia’s RHB Asset Management from shareholders RHB Banking Group and RHB Sekuritas Indonesia, according to a statement on Monday.

    RHBAM had $480 million in assets under management, as of 31 December 2020. With the deal, it will gain access to AllianzGI’s investment expertise and solutions, allowing it to being in new perspectives to the Indonesia asset management market, the statement said.

    The transaction is expected to be completed in 4Q 2021 and is subject to various conditions precedent, including the approval by the Indonesian Financial Services Authority.

    Allianz GI said that strengthening its franchise in Southeast Asia has long been a focus for the firm.

    We see Southeast Asia as the next growth engine besides China; backed by the solid presence of Allianz SE in Indonesia, the proposed acquisition is a confident stride to accelerate our entry into this fast-growing market, Tobias Pross, AllianzGI chief executive officer, said in the statement.

    The firm employs 690 investment professionals in 23 offices worldwide and manages €598 billion in assets for individuals, families and institutions, as of 31 March 2021.

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  • Allianz Partners Hong Kong Fintech Expansion

    Allianz Partners Hong Kong Fintech Expansion

    The investment will be used to finance WeLab’s further expansion and, in particular, enable the ongoing development of its technological platform.

    Allianz X, the digital investment unit of Allianz, has joined the Series C funding round for WeLab, with a $75 million investment, it announced in a statement this week.

    The investment aims to enable business expansion and tech platform development, as WeLab has close to 50 million private and business clients in Hong Kong and China, which are key growth markets for Allianz.

    The German insurance and asset management firm will cooperate with the unicorn on insurance and investment products, including digital wealth management solutions in Hong Kong. An expansion of the partnership is planned for the Greater Bay Area, and to Indonesia and Southeast Asia at a later stage, the announcement said.

    Asia is home to some of the most dynamic wealth management and banking markets of the world. Hong Kong, in particular, is a significant market for us, Desmond Ng, Allianz Global Investors head of Asia Pacific, said in the statement.

    Allianz X has already made several other investments in the region, including telemedicine company Halodoc, digital real estate brokerage 99.co, ride-hailing and lifestyle services platform GoJek, and BIMA, which provides digital insurance in emerging and developing markets.

    Established in 2013, WeLab provides digital banking services and loans for private customers, a digital lending platform to connect lenders and borrowers, as well as a number of technology-driven services. It has close to 50 million retail customers and 600 corporate customers in China, Hong Kong and Indonesia.

    In July 2020, WeLab Bank became the third of eight licensed virtual banks to launch in Hong Kong

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  • Allianz Opens Insurance Holding in China

    Allianz Opens Insurance Holding in China

    Based in Shanghai, the China holding company will support the German insurer’s growth ambitions in the country as it aims to play a larger role in China’s insurance sector and grow with the market.

    Global insurer Allianz has opened China’s first fully foreign-owned insurance holding company, the firm announced in a statement on Thursday.

    Allianz (China) Insurance Holding Company will be led by chairman Sergio Balbinot and CEO Solmaz Altin. The firm said it hopes the establishment of the company will support Allianz’s growth ambitions in China by enhancing its strategic and financial flexibility to capture business opportunities, further increase Allianz’s investment and drive long-term success in the market.

    Allianz received the approval from the China Banking and Insurance Regulatory Commission (CBIRC) to commence operations in November 2019. The launch follows a series of measures recently announced by the Chinese government to further open up and encourage investment in China by foreign financial insurance institutions.

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  • Allianz Completes Strategic Partnership Deal in Thailand

    Allianz Completes Strategic Partnership Deal in Thailand

    Firm expands partnership with Sri Ayudhya Capital to enhance local market presence and accelerate growth in Thailand. Allianz has acquired a 19.21-percent stake in Thailand’s Sri Ayudhya Capital (AUYD) to become its largest shareholder, the German insurer and asset manager announced in a press release.

    As part of the deal, Allianz General Insurance will be renamed Allianz Ayudhya Capital and its subsidiary Sri Ayudhya General Insurance will be renamed Allianz Ayudhya General Insurance. The merger will ensure a stronger insurance franchise focused on meeting the diverse and growing protection needs of local customers and enhancing the Allianz proposition in the region the press release said.

    Today represents an important milestone for Allianz’s growth ambitions in Thailand and the wider region.  The closer relationship between both businesses will increase collaboration and expertise, and deliver an improved customer proposition in the country.  These moves reflect the strategic efforts we are making across Asia and we look ahead with confidence, Allianz Asia Pacific deputy regional CEO Solmaz Altin said.

    Thailand is an important and strategic market for Allianz Asia, with strong potential due to its low insurance penetration as well as robust macroeconomic prospects, Allianz said. Allianz and AYUD’s partnership goes back almost 20 years and currently serves more than 1 million customers across the country.

    Veraphan Teepsuwan remains as Chairman of Allianz Ayudhya Capital, while Bryan Smith, President & CEO of Allianz Ayudhya Assurance (the life insurance business), has assumed the role of President & CEO, Allianz Ayudhya Capital and the newly created position of Country Manager, Allianz Thailand. Lars Heibutzki was appointed President & CEO of Allianz Ayudhya General Insurance.

    Allianz made a tender offer to buy 56.93 million AYUD shares at 53.32 baht ($1.66) each, totaling 3.04 billion baht ($95 million).

  • Allianz Real Estate aims to raise China investment in new economy, logistics

    Allianz Real Estate aims to raise China investment in new economy, logistics

    The property investment arm of German financial services giant Allianz expects China to soon account for up to half of its Asia-Pacific fund allocation, up from the current 40 per cent, with a focus on the new economy and logistics sectors.

    Rushabh Desai, its Asia-Pacific chief executive, revealed on Monday the insurer and asset manager has just bought an office tower in a Beijing software park, already fully leased out to Chinese tech firms.

    It expects to complete another purchase in a Shanghai business park “within a couple of weeks”, he added.

    “We want to be aligned to the new economy and contribute toward China’s growth in the sector; we’re investing based on that thesis,” Desai said. By new economy he refers to non-traditional industries such as biopharmaceuticals and online retail.

    Allianz Real Estate is just one of a number of foreign investment firms betting on growth in the commercial property markets of China’s top-tier cities, driven by high demand from small start-ups to large companies.

    The firm has effectively bought the Beijing office tower – dubbed ZLink and valued at US$185-195 million – outright (98 per cent) in an all-cash deal from private equity firm KaiLong Group and Goldman Sachs, Desai said.

    The ability to pay for such deals without financing and close them in just eight weeks was vital in helping Allianz secure the purchase, Desai said, even though it might not have been the highest bidder as sellers prefer to avoid China’s lengthy financing periods.

    He said the firm is on the hunt for opportunities in Beijing and Shanghai office space, as well as in warehousing. Its portfolio already includes co-investing in two Shanghai office towers.

    Allianz Real Estate has a global portfolio growth target of over €1 billion (US$1.17 billion) by the end of 2018, from around 800 million to 900 million euros at present and is well on track to meeting that, he said.

    The property investment business also manages €56 billion worth of assets around the world, a tenth of which is in Asia-Pacific. Desai said the trade spat between the United States and China has had little impact on his firm’s investment decisions, and that post-deal asset management is more important.

    “We monitor political risk but we keep it out of our investment decisions and try to focus on asset level,” he said.

    “As an asset investor, we look at the quality of asset, their location and management. We look to outperform the market, so even if there’s a trade war or impact, we hope our investments will do better than our competition. That is all we try to do.”

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  • Allianz Malaysia Q1 earnings rise 30% to RM87m

    Allianz Malaysia Q1 earnings rise 30% to RM87m

    Allianz Malaysia Bhd’s net profit for the first quarter ended March 31, 2018 jumped 29.9% to RM87.23 million from RM67.17 million a year ago, due mainly to higher contribution from both general and life insurance segments.

    Its revenue grew 5.2% to RM1.27 billion compared with RM1.21 billion in the previous year’s first quarter, thanks to higher gross earned premiums and investment income.

    Allianz said the general insurance industry will likely see some volatility in a fully liberalised environment, which can be expected to remain for up to two to three years, as seen in other markets where detariffication has taken place.

    Competition is likely to intensify in the run up to the anticipated next phase of liberalisation in 2019. The general insurance segment aims to maintain its market leadership in 2018 and will continue to drive initiatives to ensure a profitable portfolio and create value for its customers and distribution partners. It will also leverage on digital assets to enhance its processes and service proposition to customers.

    Meanwhile, the life insurance industry grew at a softer pace with total industry new business recorded a growth of 1.9% in 2017 and 3.1% in first quarter of 2018. The segment will continue to strengthen its agency force with a focus on increasing productivity.

    Allianz said the group will remain focused on delivering sustainable results of its insurance businesses to its shareholders in 2018.

  • Premier outlet malls to receive some financing

    Premier outlet malls to receive some financing

    A US$750 million fund to finance premier outlet malls in China has been set up by asset manager Allianz and realty investor TH Real Estate.

    The Eres APAC II – China Outlets fund will be established by the Allianz real-estate investment arm Allianz Real Estate. It aims initially to raise the target commitments ($750 million) to acquire two established outlet malls, Florentia Village Jingjin, between Beijing and Tianjin, and Florentia Village Shanghai.

    In fact, say the asset managers, the fund has identified a pipeline of targets.

    Allianz will be the anchor investor with a 30 per cent share, the balance to be held by institutional investors like TH Real Estate, which will also act as fund manager. RDM Asia, part of Italy’s Fingen Group, will be asset manager.

    It is not the first partnership for Allianz and TH Real Estate, but is their first bid to form an investment fund in China. In 2004, both parties invested in Europe Outlet Mall Fund followed in 2008 by the UK Outlet Mall Fund.

    Three months ago Allianz partnered with Singapore’s Keppel Group to buy Hongkou Soho in Shanghai for $525 million.

    “China is moving toward an economy led by services and domestic consumption,” says Allianz Real Estate Asia-Pacific CEO Rushabh Desai. “Alongside the traditional brick-and-mortar retail formats, outlet malls have been successful in attracting buyers looking for branded products at discounted prices. We look forward to replicating our European outlet mall performance in China.”

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  • Allianz secures distribution rights with Malaysia’s Maybank

    Allianz secures distribution rights with Malaysia’s Maybank

    Allianz is hoping the agreement will give access to Maybank’s 4 million customers in Asia. The insurer said it has jointly developed three life insurance products with Maybank which includes a unit-linked life insurance product compliant with Islamic Shariah law, a single-premium investment product and a life policy which combine protect with investment. “This partnership demonstrates Allianz’s continued focus on growing in the Asia region, of which Indonesia is a key priority.

    We’re excited to bring our multi -channel approach, innovative products and digital expertise to serve the protection needs all Maybank customers,” said Allianz’s regional chief executive for Asia Pacific, George Sartorel, in a statement on Tuesday. Under the collaboration, a team of more than 150 insurance advisers will sell the products to Maybank clients via their retail branches. Joachim Wessling, chief exectuive of Allianz Life Indonesia said: “This cooperation between two outstanding companies combines our strengths in providing world-class services and solutions, to deliver insurance protection tailored to our customers’ needs. We look forward to working closely with Maybank to secure a safer future for our customers in Indonesia.”

    Last week, it emerged that Allianz and France’s Axa are locked in a bidding war to acquire the 15-year distribution rights to sell insurance products through Standard Chartered’s channels in Asia. Meanwhile, Hanwha Life, South Korea’s second largest life insurer, is set to pump KRW150bn (£102m, €121m, $134m) into its Indonesian arm in a bid to expand its foothold in the country’s booming insurance sector.

  • Anbang to buy Allianz’s South Korean operations

    Anbang to buy Allianz’s South Korean operations

    China’s Anbang Insurance Group Co. reached a deal to buy the South Korean operations of Germany’s Allianz SE, just days after it walked away from a $14 billion bid for Starwood Hotels & Resorts Worldwide Inc.

    Anbang has exploded onto the international scene in recent years by spending billions to acquire insurers and hotels throughout the world. In February 2015, it laid out nearly $2 billion to buy New York’s Waldorf Astoria, the highest price ever paid for a single U.S. hotel. It is also a big player at home, with stakes in listed Chinese developers and banks, while also investing in a traditional Chinese medicine maker and a wind-turbine manufacturer.

    Anbang made a bid in March for Starwood Hotels after the U.S. luxury hotel owner had struck a deal to sell itself to Marriott International Inc. That sparked a bidding war for Starwood that culminated in a $14 billion offer from Anbang, which dropped the bid last week citing “various market considerations.”

    The deal with Germany’s Allianz marks the Chinese insurance group’s second acquisition in South Korea. Beijing-based Anbang bought a controlling stake in South Korean life insurer Tong Yang Life Insurance Co. for $1 billion a year ago from South Korea-focused private-equity firm Vogo Investment Group and other investors.

    Allianz agreed to sell Allianz Life Insurance Korea and Allianz Global Investors Korea to Anbang for an undisclosed amount, the two companies said in a statement Wednesday. The Allianz purchase is subject to local regulatory approvals and the parties expect to complete the deal in the second half of the year.

  • European Markets Dropped On Renewed China Worries

    European Markets Dropped On Renewed China Worries

    The European markets ended Monday’s session in negative territory, as renewed concerns over China weighed on investor sentiment. Concerns over the upcoming snap elections in Greece and the likelihood of a near-term U.S. interest rate hike also contributed to the negative mood at the start of the new trading week.

    The Financial Times reported that the Chinese government has decided to abandon attempts to boost the stock market through large-scale share purchases. Senior regulatory officials told the Financial Times China’s leaders feel they mishandled their efforts to rescue the stock market.

    The Chinese government resumed large-scale stock buying late in the trading day last Thursday to help the Shanghai Composite Index finish sharply higher, but officials said the government will refrain from further large-scale buying of equities.

    The Euro Stoxx 50 index of eurozone bluechip stocks decreased by 0.52 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, lost 0.30 percent.

    The DAX of Germany dropped by 0.38 percent and the CAC 40 of France fell by 0.47 percent. The SMI of Switzerland finished higher by 0.45 percent, but the FTSE of the U.K. was closed for a banking holiday.

    In Frankfurt, Volkswagen decreased by 1.14 percent. Japan’s Suzuki Motor Corp said that it would buy back the 19.9 percent stake it sold to the German automaker after an international court settled a dispute between the automakers over their soured partnership.

    BMW fell by 0.90 percent and Daimler lost 0.97 percent.

    Insurer Allianz rose by 0.18 percent, on reported that its infrastructure arm is weighing bids for London City Airport.

    RWE sank by 4.25 percent and E.ON dropped by 1.60 percent.

    In Paris, Renault surrendered 2.28 percent and Peugeot weakened by 1.19 percent. Car parts maker Valeo also decreased by 1.45 percent.

    Total tumbled by 0.91 percent and Technip lost 0.99 percent.

    Givaudan gained 0.73 percent in Zurich, after it agreed to acquire Induchem Holding, a cosmetic ingredient producer.

    Shares of NeuroVive Pharmaceutical AB plunged by 39.13 percent in Stockholm after the mitochondrial medicine company announced that it would not pursue development of CicloMulsion in the indication of acute myocardial infarction.

    Eni SpA climbed by 1.53 percent in Milan. The company announced over the weekend that it has discovered a massive natural gas discovery off the coast of Egypt.

    Eurozone inflation remained unchanged at a very low level in August as further fall in oil prices curbed its ability to move upward. Inflation came in at 0.2 percent in August, the same rate as seen in July and June, preliminary data from Eurostat showed Monday. It was forecast to ease to 0.1 percent.

    Germany’s retail sales rebounded in July to grow at the fastest pace in nine months, signaling that consumer spending boosted economic growth at the start of the third quarter. Retail sales advanced 1.4 percent on a monthly basis in July, Destatis reported Monday. This was the fastest growth since October 2014, when sales climbed 1.8 percent.

    Italy’s retail sales dropped for the second straight month in June, figures from the statistical office Istat showed Monday. Retail sales fell a seasonally adjusted 0.3 percent month-over-month in June, following a 0.2 percent decrease in the previous month. In April, sales had risen 0.7 percent.

    Greece’s retail sales declined in June after rising in the previous month, preliminary figures from the Hellenic Statistical Authority showed Monday. The volume of retail sales decreased 0.4 percent year-over-year in June, in contrast to a 4.1 percent sharp gain in May, which was revised down from 4.2 percent. In April sales had fallen 1.8 percent.

    China’s trade deficit in services widened in July, the State Administration of Foreign Exchange said Monday. The deficit on trade in services increased to $17.6 billion in July from $14.9 billion in June. At the same time, the merchandise trade showed a surplus of $46 billion in July.

    Business activity in the Chicago area unexpectedly grew at a slower rate in the month of August, according to a report released by MNI Indicators on Monday. MNI Indicators said its Chicago business barometer dipped to 54.4 in August from 54.7 in July. While a reading above 50 indicates growth, economists had expected the index to inch up to 54.9.