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Allianz was founded as a transport and accident insurance firm in 1890 by Carl von Thieme and Wilhelm von Finck, the founders of Munich Re. It took the company five years to expand the business into Europe and North America and subsequently list in Berlin. After World War I, individuals were confronted with the loss of wealth, life, and security and Allianz founded a life business in the 1920s. In the years after World War II, Allianz's foreign assets were seized and it lost its foreign business. By relocating its head office from Berlin to Munich in 1948, Allianz began the long road of rebuilding its domestic business. It took 20 years for Allianz to reacquire its prior foreign interests, starting in Austria. It became the largest European insurer in the postwar boom era.

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Mohamed El-Erian Says Another Indicator Consistent With His View That The Economy Is &#39;Slowing More Than Many Expect, Including The Federal Reserve&#39;

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Volkswagen reportedly faces legal repercussions in Germany linked to an electric vehicle battery&#39;s involvement in a 2022 cargo ship blaze. Litigation from Mitsui OSK Lines Ltd. and Allianz SE, among others, has led to legal proceedings in Stuttgart and Braunschweig courts, currently paused for mediation.

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Negative news flows are trickling out of Europe ahead of Wall Street&#39;s opening bell on Wednesday.

All European stock indices traded deeply in the red, as investors panicked after a fresh acceleration of inflation in the U.K. and a deadlock in U.S. debt limit discussions.

European Stocks Slip As UK Inflation Accelerates, Central Bankers Remain Hawkish

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Mohamed El-Erian, the chief economic advisor at Allianz, took to X, formerly Twitter, to highlight a significant economic indicator that points to a slowdown. He referred to the &#8220;monthly measure of job vacancies,&#8221; which dropped from 8.35 million to 8.05 million, the lowest in three years and well below the consensus forecast.
What Happened: El-Erian suggested that this data point is consistent with his previous observations that the economy is slowing down more than many anticipate, including the Federal Reserve.
Earlier the economist also mentioned the recent ISM data, which showed that the US factory activity in May was below the consensus forecast and at its lowest in three months. El-Erian pointed out that these numbers are in line with other signals of an economy losing momentum at a faster rate than most expect.
El-Erian also highlighted the disparity between the market&#8217;s expectations for Fed policy action and the actual economic conditions.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39145284/mexican-assets-have-worst-day-since-2020-lockdown-why-sheinbaum-is-shaking-investor?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mexican Assets Have Worst Day Since 2020 Lockdown: Why Sheinbaum Is Shaking Investor Confidence</a>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Further to yesterday's post, another data point consistent with my view that the economy is slowing more than many expect, including the Federal Reserve: The monthly measure of job vacancies fell markedly from 8.35 million to 8.05 million, the lowest in three years and well… <a href="https://t.co/1bOXvv6M82">https://t.co/1bOXvv6M82</a>
&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1798000617052426581?ref_src=twsrc%5Etfw">June 4, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Notably, on Tuesday El-Erian had said that lower yields and oil price drop were part of the markets&#8217; reactions to the worries about the U.S. economy which he called the &#8220;engine of global growth.&#8221; He said the nation&#8217;s economy may be slowing more than expected.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Lower yields and an oil price drop were part of the markets' reactions today to concerns that the US economy, the engine of global growth, may be slowing more than expected. <a href="https://twitter.com/hashtag/economy?src=hash&amp;ref_src=twsrc%5Etfw">#economy</a> <a href="https://twitter.com/hashtag/markets?src=hash&amp;ref_src=twsrc%5Etfw">#markets</a> <a href="https://twitter.com/hashtag/oil?src=hash&amp;ref_src=twsrc%5Etfw">#oil</a> <a href="https://twitter.com/hashtag/bonds?src=hash&amp;ref_src=twsrc%5Etfw">#bonds</a> <a href="https://twitter.com/hashtag/ecomtwitter?src=hash&amp;ref_src=twsrc%5Etfw">#ecomtwitter</a> <a href="https://t.co/cnvWqfaova">pic.twitter.com/cnvWqfaova</a>
&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1797729254479990969?ref_src=twsrc%5Etfw">June 3, 2024</a></blockquote>
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Why It Matters: In April, U.S. job openings remained steady at 8.1 million, with little change in hires (5.6 million) and total separations (5.4 million), according to the Bureau of Labor Statistics data released Tuesday. Within separations, quits held at 3.5 million, reflecting workers&#8217; confidence, while layoffs and discharges were stable at 1.5 million. The report noted changes in job openings and separations across various industries and establishment sizes.
El-Erian&#8217;s tweet comes at a time when the <a href="https://www.benzinga.com/economics/macro-economic-events/24/06/39165539/bond-market-rallies-as-recession-worries-mount-rate-cut-bets-gain-steam-ahead-of-">bond market is rallying</a>, driven by concerns about a potential recession and increasing bets on a rate cut in September. The recent soft economic data has led to a reevaluation of the Federal Reserve&#8217;s rate cut expectations.
Long-dated U.S. Treasuries, including the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>), have been rallying, breaking a key downtrend that began in late 2023. This surge has lifted TLT, a gauge for long-term bond performance, above its declining trend channel for 2024 and its 50-day moving average, indicating a potential trend reversal.
El-Erian&#8217;s observations are also in contrast with the views of some Federal Reserve officials. For instance, Neel Kashkari, the President of the Federal Reserve Bank of Minneapolis, has <a href="https://www.benzinga.com/24/06/39131539/feds-neel-kashkari-advocates-for-no-interest-rate-cut-until-we-get-a-lot-more-data-to-convince-us-am">advocated for no interest rate cut</a> until there is more convincing data to support it, amid inflation uncertainty.
Read Next: <a href="https://www.benzinga.com/news/24/06/39151374/paul-krugman-bidens-economic-success-is-clear-but-telling-voters-to-buck-up-would-be-a-mistake?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Paul Krugman: Biden&#8217;s Economic Success Is Clear But &#8216;Telling Voters To Buck Up&#8217; Would Be A Mistake</a>

Mohamed El-Erian Says Another Indicator Consistent With His View That The Economy Is 'Slowing More Than Many Expect, Including The Federal Reserve'

Volkswagen AG&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>) reportedly faces lawsuits in Germany concerning the role of an electric vehicle&nbsp;<a target="_blank" href="https://www.benzinga.com/topic/auto" rel="noreferrer noopener">battery in a 2022 cargo ship fire.</a>
The suits implicate a Porsche electric vehicle battery as the cause of the fire onboard the vessel, which ultimately sank with thousands of vehicles.
Volkswagen AG confronts litigation from Mitsui OSK Lines Ltd. and Allianz SE (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ALIZF#OTC">ALIZF</a>), among others, reported <a href="https://www.bloomberg.com/news/articles/2024-03-05/volkswagen-faces-lawsuits-over-claim-porsche-ev-battery-sparked-ship-fire?srnd=homepage-europe&amp;sref=TBDibEcD" target="_blank" rel="noreferrer noopener">Bloomberg</a>.
The suits, filed in courts in Stuttgart and Braunschweig, are paused for mediation, expected to resume if no settlement is reached.
The Panama-flagged Felicity Ace caught fire in the Atlantic Ocean near the Azores archipelago, leaving the vessel adrift after crew rescue.
With nearly 4,000 vehicles aboard, the incident incurred significant potential losses for Volkswagen.
Plaintiffs allege Volkswagen&#8217;s failure to disclose risks associated with transporting vehicles with lithium-ion batteries.
Price Action:&nbsp;VWAGY shares traded lower by 2.11% at $15.05 on Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock.

Negative&nbsp;news flows&nbsp;are trickling out of Europe ahead of <a href="https://www.benzinga.com/premarket/" target="_blank">Wall Street&#39;s opening bell on Wednesday.</a>
All European stock indices traded deeply in the red, as investors panicked after a fresh acceleration of inflation in the U.K. and a deadlock in U.S. debt limit discussions.
What Happened: U.K. inflation came in at 8.7% annually in April. That&#39;s down from 10.1% in March, but well above the 8.2% expected.
Inflation accelerated 1.2% on the month, more than the 0.8% expected.
The U.K. core inflation rate, which excludes food and energy and provides a more accurate picture of the root causes of inflation, increased by a more alarming 6.8% yearly &mdash; much above the 6.2% forecast and the highest level since March 1992.
Core inflation soared by 1.3% on a monthly basis, far more than the predicted 0.7%.
Traders revised upward their estimates for rate increases from the Bank of England and now fully factor in an additional 100 basis points of hikes&nbsp;in 2023, with rates predicted to peak at 5.5%.
On Tuesday, European Central Bank speakers delivered hawkish comments, with Governor Christine Lagarde stating that &quot;rates are to stay restrictive for as long as necessary.&quot;
In Germany, the Ifo Business Climate indicator for May, dropped from 93.4&nbsp;to 91.7,&nbsp;falling short of forecasts of 93.0. This is the first monthly decrease in Germany&#39;s business conditions since October, as the outlook worsened due to recent hikes in interest rates and persistently high inflation.&nbsp;
Elsewhere, stocks in China, tracked by the Shangai Shenzen CSI 300 index,&nbsp;pulled back to levels unseen since mid-December 2022,&nbsp;erasing all gains made in the year.&nbsp;
<h3>Chart of The Day</h3>
U.K. core inflation climbs to 30-year highs, but Bank of England rates remain well behind.
<img alt="" src="https://www.benzinga.com/files/u1363475/gbcir_2023-05-24_12-05-43_4e9bf.png" style="height:500px; width:100%" />
<h3>European Stock&nbsp;Reactions</h3>
<ul>
<li>All major averages fell more than 1% during the day, with the Euro Stoxx 50 index down 1.2%.</li>
<li>The SPDR DJ Euro STOXX 50 Etf (ARCA: FEZ), which tracks the index of the 50 largest capitalized European firms, is down 0.8% in the pre-market.</li>
<li>LVMH Moet Hennessy Louis Vuitton (OTC: <a class="ticker" href="https://www.benzinga.com/stock/lvmhf#OTC">LVMHF</a>), the biggest European company by market cap, fell 1.8%, after plunging 5.5% on Tuesday.</li>
<li>L&#39;Oreal SA (OTC: <a class="ticker" href="https://www.benzinga.com/stock/lrlcy#OTC">LRLCY</a>) dropped 1.9%. Banks were also weaker across the board.</li>
<li>Both&nbsp;Allianz SE (OTC: <a class="ticker" href="https://www.benzinga.com/stock/alizf#OTC">ALIZF</a>) and Banco Santander, S.A. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/san#NYSE">SAN</a>)&nbsp;slipped 2.4%</li>
<li>BNP Paribas (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bnpqf#OTC">BNPQF</a>)&nbsp;declined 1.8%.</li>
<li>The carmaker Volkswagen AG (OTC: <a class="ticker" href="https://www.benzinga.com/stock/vlkaf#OTC">VLKAF</a>) fell 2.2%.</li>
</ul>
Stock Heatmap for the Euro Stoxx 50 Index On May 24 08:30 AM ET &ndash; Chart: Tradingview
<img alt="" src="https://www.benzinga.com/files/u1363475/tradingview-stock-market-heatmap-2023-05-24_12.30.16_32e7c.png" style="height:500px; width:100%" />
Next:&nbsp;<a href="https://www.benzinga.com/news/earnings/23/05/32546830/stock-futures-signal-weak-open-ahead-of-fomc-minutes-yellen-speech-analyst-sees-2-factors-providing" target="_blank">Stock Futures Signal Weak Open Ahead Of FOMC Minutes, Yellen Speech - Analyst Sees 2 Factors Providing &#39;Spark To Lift&#39; Markets</a>
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Ken Fisher founded Fisher Asset Management in 1979, and now has north of $197 billion in assets under management, with more than 100,000 clients around the world. Fisher Asset Management is a fee-only investment adviser and money management firm serving large institutions, high-net-worth individuals, and small business <a href="https://www.benzinga.com/news/large-cap/22/12/29895418/a-philanthropic-activist-investor-maintains-stakes-in-2-canadian-railroad-stocks-paying-dividends">retirement plans globally.</a>
Fisher is currently the executive chairman and co-CIO, after stepping down from the role of CEO, a position he held&nbsp;for 37 years. Additionally, Fisher began writing a monthly column for Forbes in 1984, around the same time his bestselling book &quot;Super Stocks&quot;&nbsp;gained massive attention. Fisher wrote the &quot;Forbes Portfolio Strategy&quot; column for over 32 years until Dec. 31, 2016, making him the longest-running columnist in Forbes&rsquo; history.
Fisher is buying these two high-yielding exchange traded funds (ETFs) as we head into the end of the year.
Also Read:&nbsp;<a href="https://www.benzinga.com/government/22/11/29733838/several-developed-nations-allied-groups-come-together-with-10b-backing-for-indonesias-efforts-on-dec">Several Developed Nations, Allied Groups Come Together With $10B Backing For Indonesia&#39;s Efforts On Decarbonization</a>
iShares iBoxx $ Investment Grade Corporate Bond ETF (ARCA: LQD) is offering a dividend yield of 3.13% or $3.40 per share annually, conducting monthly payments, with an inconsistent track record of increasing its dividends. The iShares iBoxx Investment Grade Corporate Bond ETF seeks to track the investment results of an index composed of U.S. Dollar-denominated, investment-grade corporate bonds. The ETF gives you access to over 1,000 corporate bonds in a single fund, and its top three holdings include JPMorgan Chase (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jpm#NYSE">JPM</a>), Bank of America (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bac#NYSE">BAC</a>), and Goldman Sachs Group (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gs#NYSE">GS</a>).
In the third quarter, Fisher increased its stake in the iShares iBoxx Investment Grade Corporate Bond ETF by roughly 41% to over 22 million shares.
More on LQD:<a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/11/29910787/investors-abandoning-healthy-companies-at-fastest-past-in-history-is-the-fed-to-bla">&nbsp;Investors Abandoning Healthy Companies At Fastest Past In History: Is The Fed To Blame?</a>
iShares MSCI Europe Financials Sector Index Fund (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/eufn#NASDAQ">EUFN</a>) is offering a forward dividend yield of 7.61% or $1.34 per share annually, through semiannual payments, with a track record of increasing its dividends once in the past year. The iShares MSCI Europe Financials Sector Index Fund seeks to track the investment results of an index composed of developed market European equities in the financials <a href="https://www.benzinga.com/money/best-sectors-to-invest-in-right-now/">sector</a>. The ETF&rsquo;s top three holdings include HSBC Holdings (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hsbc#NYSE">HSBC</a>), Allianz (OTCPK: ALIZF), and Zurich Insurance Group (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/zfsvf#OTCQX">ZFSVF</a>).
Fisher increased its stake in the iShares MSCI Europe Financials Sector Index Fund by 125% to over 39.2 million shares during <a href="https://www.benzinga.com/news/22/11/29575037/hsbcs-top-shareholder-supports-splitting-up-the-banking-giant">the third quarter.</a>
Now Read:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/12/29935877/elon-musk-vs-tim-cook-feud-gets-over-in-a-heartbeat-analyst-says-we-were-just-serve">Elon Musk Vs. Tim Cook Feud Gets Over In A Heartbeat: Analyst Says We Were Just Served &#39;Masterclass In Crisis Management&#39;</a>

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This Hedge Funder With Over $197B Under Management Just Increased His Stake In 2 High Yielding ETFs

<ul>
<li>Allianz SE&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/alizy#OTC">ALIZY</a>) said it would&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/business/finance/allianz-sets-aside-another-2-bln-over-fund-debacle-2022-05-11/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">set aside another &euro;1.9 billion</a>&nbsp;($2 billion) as it braces for the outcome of U.S. regulatory investigations into a multibillion-dollar trading debacle at its fund&#39;s arm.</li>
<li>The collapse of a $15 billion set of investment funds during the pandemic market turmoil in early 2020 has cast a long shadow over the financial firm.</li>
<li>The new provision comes on top of &euro;3.7 billion the company set aside in February to cover litigation and U.S. regulatory investigations into the funds&#39; demise. It brings the total to &euro;5.6 billion.</li>
<li>&quot;The fresh charge clearly shows the enormous damage that has been done,&quot; said Ingo Speich, head of sustainability and corporate governance at Deka, a top Allianz investor.</li>
<li>Allianz said the additional provision should cover the remaining costs it could incur. The sense of certainty suggests a settlement with the U.S. government could be in the offing.</li>
<li>&quot;This provision booked is a fair estimate of its remaining financial exposure in relation to compensation payments to investors and payments under any governmental proceedings resolution,&quot; Allianz said.</li>
<li>Allianz said it was seeking a &quot;timely&quot; resolution to its talks with the DOJ and SEC.</li>
<li>Photo by Tumisu from Pixaby</li>
</ul>

ALIZY

Germany's Allianz Sets Aside Additional $2B For Fund Fiasco: Reuters

<ul>
<li>Alphabet Inc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/goog#NASDAQ" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">GOOG</a>) (NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/googl#NASDAQ" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">GOOGL</a>) partnered with European financial services company&nbsp;Allianz SE&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/alizy#OTC" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">ALIZY</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/alizf#OTC" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">ALIZF</a>) and European insurance company&nbsp;Munich Re&nbsp;to insure its cloud users,&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/article/us-google-cyber-allianz-munich-re/google-teams-up-with-allianz-munich-re-to-insure-its-cloud-users-idUSKBN2AU1CE" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">Reuters reports</a>.</li>
<li>The partnership enables data access to the insurers to check control compliance at client firms leading to better risk pricing.</li>
<li>The U.S.-based companies with annual revenue between $500 million and $5 billion are the preliminary targeted customers. However, in the future, there would be more flexibility towards expanded offerings.</li>
<li>The insurers intend to cover up to $50 million in potential losses.</li>
<li>The insurers will stretch coverage of lost revenue for up to a year, from a maximum of six months previously.</li>
<li>Price action:&nbsp;GOOGL shares are up 0.08% at $2,085, and ALIZY shares are up 1.58% at $24.76 on the last check Tuesday.</li>
</ul>

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Google Partners With Allianz, Munich Re For Cloud User Insurance: Reuters

Institutional investors such as BlackRock Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/blk#NYSE">BLK</a>) and Allianz SE&rsquo;s (OTC: <a class="ticker" href="https://www.benzinga.com/stock/alizf#OTC">ALIZF</a>) Pacific Investment Management Co. have received the legal go-ahead to <a href="https://www.reuters.com/article/us-banks-currency-lawsuit/u-s-judge-orders-15-banks-to-face-big-investors-currency-rigging-lawsuit-idUSKBN235027">pursue</a> their lawsuit against 15 large banks for price rigging in the foreign exchange markets.
<h3>What Happened</h3>
A Manhattan judge has ruled it can be plausibly alleged that the banks&nbsp;conspired to rig currency benchmarks between 2003 to 2013 to profit at the expense of nearly 1,300 plaintiffs, including numerous mutual funds and exchange-traded funds.
U.S. District Judge Lorna Schofield ruled, &ldquo;This is an injury of the type the antitrust laws were intended to prevent.&rdquo;
The list of 15 spans big names in banking such as Bank of America Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bac#NYSE">BAC</a>), Barclays PLC (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bcs#NYSE">BCS</a>), Citigroup Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/c#NYSE">C</a>), JPMorgan Chase &amp; Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jpm#NYSE">JPM</a>), and&nbsp;Goldman Sachs Group Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gs#NYSE">GS</a>).
<h3>Why It Matters</h3>
According to Reuters, the plaintiffs allege banks improperly shared trading positions and confidential orders in online chat rooms&nbsp;using names such as &ldquo;The Cartel,&rdquo; &ldquo;The Mafia,&rdquo; and &ldquo;The Bandits Club.&rdquo;
Improper trading tactics&nbsp;such as &ldquo;front running,&rdquo; &ldquo;banging the close,&rdquo; and &ldquo;taking out the filth&rdquo;&nbsp;were&nbsp;allegedly used&nbsp;by banks.
Banks have argued that plaintiffs have shown no transactions where such manipulations caused losses.
Some parts of the claim were dismissed by Judge Schofield, as were Allianz&rsquo;s plaintiffs.
The litigation started in November 2018, after the plaintiffs opted out of similar nationwide litigation, which resulted&nbsp;in&nbsp;$2.31 billion settlement with most banks.&nbsp;

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