M&A in the asset management scene:

Sources for Bloomberg News say Germany's HSH Nordbank AG is getting bids from Apollo Global Management LLC and China's HNA Group. The latter is again working with C-QUADRAT Investment AG, its partner in the Deutsche Bank AG stake.

Confirmed: Private equity firm Lone Star is taking a 75% stake in Portugal's Novo Banco SA for €1 billion ($1.07 billion).

And Congress Asset Management Co. LLP, which has more than $8 billion in assets under advisement, will acquire Century Capital Management LLC's investment management business. Century Capital has approximately $670 million in assets under management.

Meanwhile, Third Avenue Management LLC, the firm that that closed a high-yield bond fund to redemptions in late 2015, is settling an investor lawsuit for $14.3 million. The accord, if approved by the court, will resolve claims that it mismanaged its high-yield Focused Credit Fund and misled investors about the risks.

Speaking of settlements, prepaid card company NetSpend Corp. will provide monetary relief of at least $53 million to resolve the Federal Trade Commission's claims it had deceived customers by saying they would have immediate access to their funds.

In Hong Kong, China Huishan Dairy's troubles is again raising questions about just how much due diligence Western banks perform when they underwrite Chinese firms' IPOs. Sources for The Wall Street Journal say the island's Securities & Futures Commission is probing Morgan Stanley, UBS Group AG and Bank of America Corp. in connection with a different listing — that of Tianhe Chemicals Group Ltd. They say the U.S. SEC is also looking at Tianhe-related communication between Morgan Stanley's Asia private equity fund and investors. None of those banks has been accused of wrongdoing.

And, in Saginaw, Mich., Valley State Credit Union has been liquidated. The credit union, placed under conservatorship in 2016 and then said to have "addressed financial and management issues" as recently as February, was declared insolvent with no prospect of recovery. Burton, Mich.-based ELGA Credit Union has assumed the failed credit union's assets, shares, loans and members.

In other parts of the world

Asia-Pacific: HNA to bid for German lender; Fubon Financial to divest stake in Dutch insurer

Europe: Deutsche Bank fined again; Credit Suisse in client tax probe; Novo Banco sold

Middle East & Africa: Gulf banks close merger; Fitch warns of SA review; Togo banks to merge

The day ahead

Early morning futures indicators pointed to a mixed opening for the U.S. market.

In Asia, the Hang Seng rose 0.62% to 24,261.48, while the Nikkei 225 increased 0.39% to 18,983.23.

In Europe, around midday, the FTSE 100 was up by 0.06% at 7,327.43 and the Euronext 100 had risen 0.02% to 986.43.

On the macro front

The Purchasing Managers' manufacturing index, the Institute for Supply Management's manufacturing index and the construction spending report are due out today.

The Daily Dose is updated as of 7:30 a.m. ET. Some external links may require a subscription.