U.S. stock indexes posted modest gains Monday, and the Dow ended with an eighth gain in a row, extending an uptrend on signs of easing trade tensions between the U.S. and China.
The Dow Jones Industrial Average closed 0.3%, marking its eighth straight advance and the longest positive streak since one that ended September 20.The S&P 500 gained 0.1% with gains in energy, up 0.6%, and health care, advancing 0.7%, more than offsetting declines in real estate, industrials and telecommunications, which were off at least 0.4%. The Nasdaq Index climbed by 0.1%, at 7,411.32.
Allianz’s profit up 6.8 percent better than expected.
Allianz’s first-quarter profit rose 6.8 percent, boosted by President Donald Trump’s changes to U.S. corporate tax and lower restructuring charges.
Income from property and casualty premiums rose as customers opt for more coverage after last year’s U.S. hurricanes and California wildfires contributed to a record year for insurance losses.
“We had increases in both the top and the bottom lines, even if market volatility was visible at an operating level in the first quarter,” CEO Oliver Baete said in a statement on Tuesday. “This good performance puts Allianz on track to meet its 2018 yearly targets.”
In an interview, the CEO said that he would be interested in merging Allianz with a big competitor. Allianz had been interested in acquiring property and casualty insurer XL Group Ltd. The firm had earlier said it expects to make an additional 300 million euros profit this year from tax reform in the U.S.
The asset management unit had third-party net inflows of 20.9 billion euros, with 19.2 billion euros of that coming from Pimco. Overall, third-party assets under management fell 1.3 percent to 1.43 billion euros at the end of December, mainly due to foreign exchange changes. Adjusted for foreign exchange effects, operating profit at the unit increased by a “remarkable” 16.3 percent and cost-income ratio improved by 1.4 percentage points to 61.9 percent.
IWG shares jump on bid approaches
Shares in global office service firm IWG rose more than 20% in early trade after it said three companies had expressed an interest in buying it.
IWG issued a statement late on Friday after its shares had risen on rumors it was a takeover target.IWG, best known for its Regus brand, the London-listed company has received separate rival indicative bids from U.S. property investment firm Starwood Capital and British private equity fund TDR Capital, as well as an approach from American buyout house Lone Star.
The company has offices in about 3,000 locations in 114 countries around the world, operating under brands including Regus and Spaces.All three potential bidders must make their interest definite, or decline their interest by 8 June.
It is not the first time that IWG has been a takeover target.In December, it said the Canadian private equity firm Onex and Brookfield Asset Management had made a joint approach.
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This article provided by NewsEdge.