European Economics Preview: UK Unemployment Data Due

Unemployment from the UK is due on Tuesday, headlining a light day for the European economic news.

At 2.00 am ET, the Office for National Statistics releases UK unemployment data. The jobless rate is forecast to fall to 4.6 percent in three months to July from 4.7 percent in three months to June.

In the meantime, industrial production from Romania is due.

At 2.30 am ET, Swiss producer price data is due for August. Prices had increased 3.3 percent annually in July.

At 3.00 am ET, Spain’s INE releases final consumer and harmonized consumer prices for August. Consumer price inflation is seen at 3.3 percent, unchanged from the flash estimate.

Also, July industrial production data is due from Hungary. Production had increased 8 percent in June.

At 3.30 am ET, Statistics Sweden is set to release consumer price data for August. Economists forecast inflation to rise to 1.7 percent in August from 1.4 percent in July.

Opinion | The Middle-Aged Sadness Behind the Cancel Culture Panic

By Michelle Goldberg

Opinion Columnist

Jeffco investigating apparent murders-suicide in Evergreen

Jefferson County authorities are investigating a possible murder-suicide after a man and woman were found dead Saturday afternoon in Evergreen.

Around 4:10 p.m. Saturday, Jefferson County deputies found Shelley Mohr, 37, dead after being shot multiple times, the Sheriff’s Office said in a Monday news release.

A man, identified as 48-year-old Christopher Thomas, died from an apparent self-inflicted gunshot wound, authorities said.

“The deaths appear to be domestic violence related and the investigation is ongoing,” Jefferson County officials said in the news release.

10-year Treasury yield rises slightly following mixed economic data

• The University of Michigan is due to release its preliminary consumer and inflation expectations data for September at 10 a.m. ET on Friday.
• There are no auctions scheduled to be held on Friday.

The 10 year U.S. Treasury yield rose slightly on Friday morning, following mixed economic data.

The yield on the benchmark 10-year Treasury note advanced by less than a basis point to 1.334%. The yield on the 30-year Treasury bond fell less a basis point to 1.877%. Yields move inversely to prices and 1 basis point is equal to 0.01%.

Treasurys

Data released Thursday showed retail sales in August rose 0.7%, versus an estimated 0.8% fall.

However, jobless claims for the week ended Sept. 11 came in at 332,000, above a Dow Jones forecast of 320,000.

On Friday, the University of Michigan is due to release its preliminary consumer and inflation expectations data for September at 10 a.m. ET.

There are no auctions scheduled to be held on Friday.

ForgeRock Announces Pricing Of IPO Of 1 Mln Shares At $25/shr

ForgeRock, Inc., an identity and access management software provider, on Thursday has announced the pricing of its initial public offering of one million shares of common stock at a price of $25.00 per share with an expected close date of September 20.

The shares are expected to start trading on the New York Stock Exchange on September 16, under the ticker symbol ‘FORG’, the company said in a statement.

The San Francisco-based firm also has granted the underwriters a 30-day option to purchase up to an additional 1.65 million shares at $25.00 per share.

Morgan Stanley and J.P. Morgan are serving as lead book-running managers for the offering, while Deutsche Bank Securities, Mizuho Securities, and HSBC are working as joint book-running managers for the offering.

Twitter To Settle Shareholder Securities Lawsuit For $809.5 Million

Twitter said Monday that it has agree to settle a consolidated securities class action lawsuit brought against in 2016 that if approved will see the social media giant pay out $809.5 million.

The suit, which originated in 2016 in U.S. District Court for the Northern District of California, claimed Twitter violated Sections 10(b) and 20(a) of the Securities Exchange Act by knowingly misleading investors over some of its metrics, which “caused the price of Twitter common stock to be artificially inflated during the Class Period,” according to the original lawsuit.

The class action was filed on behalf of all persons who purchased or otherwise acquired Twitter common stock between February 6-July 28, 2015.

Twitter today said the binding settlement agreement “resolves all claims asserted against the company and the other named defendants without any admission, concession or finding of any fault, liability or wrongdoing by the Company or any defendant.”

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The company said it intends to use cash on hand to pay the proposed settlement, which remains subject to court approval. Twitter expects to record a charge for it in Q3 2021.

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Sears To Shutter Its Last Store In Home State Of Illinois

Department store chain Sears is closing down its last store located in its home state of Illinois, CNBC reported. The company, which was founded in Chicago in 1892, plans to shut the shop, located in Simon Property Group’s Woodfield Mall, on November 14.

Sears’ parent company, Transformco, which also manages the real estate, said it plans to maximize the value of the Woodfield Mall property and will look for ways to revive the space with another tenant.

Transformco had acquired Sears Holdings, the parent of Kmart and Sears, Roebuck, & Co., in a bankruptcy auction in February 2019 after the retailer filed for Chapter 11 bankruptcy protection in October 2018.

Since then, the company, which merged with discount chain Kmart in 2005, has closed down majority of Sears and Kmart locations across the United States.

As of August 16, 2021, there were 34 Sears stores operating, compared to around 700 when Sears filed for bankruptcy protection.

Over the last few years, slowing foot traffic amid the ever-increasing online competition from industry majors and the changing consumer habits forced many retailers to close their stores and seek bankruptcy protection. The retailers’ struggles had worsened in recent times amid the ongoing coronavirus pandemic.