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German stocks - Factors to watch on March 20
March 20, 2012 / 6:17 AM / 6 years ago

German stocks - Factors to watch on March 20

FRANKFURT, March 20 (Reuters) - The DAX top-30 index looked set to open 0.3 percent lower on Tuesday, according to premarket data from brokerage Lang & Schwarz at 0813 GMT.

The following are some of the factors that may move German stocks:

DEUTSCHE BANK

Deutsche Bank indicated 0.8 percent lower

Postbank is mulling a profit and loss transfer agreement with majority owner Deutsche Bank that foresees offering Postbank minority shareholders 25.18 euros per share tendered or a dividend of 1.89 euros per share. Separately, Postbank said Frank Strauss would become CEO on July 1.

Also, sources said Deutsche Bank’s head of corporate and investment banking in Asia-Pacific, Loh Boon Chye, is leaving the bank.

Separately, the Financial Times reported that Deutsche Bank plans to open a new precious metals vault in London next year, seeking to cash in on booming investor demand for physical gold and silver.

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DEUTSCHE BOERSE

Indicated 0.1 percent lower

Boerse said it will sue the European Commission over its decision to block the merger between Boerse and NYSE Euronext , saying several aspects of the decision were incorrect.

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METRO

Indicated 1.5 percent lower

The world’s fourth largest retailer said it did not expect earnings to grow in 2012 due to a stuttering global economy and costs from expanding its cash and carry and consumer electricals stores businesses.

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BRENNTAG

Indicated unchanged

Brenntag said Georg Mueller, currently vice president for corporate finance and investor relations, will take up the post of finance chief from July 1, 2012. Current CFO Juergen Buchsteiner will become responsible for the Asia-Pacific region, while retaining responsibility for group M&A.

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CONTINENTAL AG

Indicated 0.3 percent lower

Shareholder Schaeffler saw sales rise by nearly 13 percent to 10.7 billion euros in 2011, with an operating margin of 15 percent, a person familiar with the figures told Reuters. Schaeffler is due to publish results on Tuesday.

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HOCHTIEF

Indicated 0.1 percent lower

Hochtief placed a non-rated 500 million euro bond with investors, the first corporate bond in the company’s history, which it said was eight times oversubscribed. Proceeds will go to replace existing financing and improve Hochtief’s debt maturity profile.

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OVERSEAS STOCK MARKETS

Dow Jones +0.1 pct, S&P 500 +0.4 pct, Nasdaq +0.8 pct at Monday’s close.

Nikkei closed due to a public holiday.

ANALYSTS’ VIEWS

BMW - Barclays raises its price target on the stock to 85 euros from 80 euros, with an “overweight” rating.

LUFTHANSA - UBS raises the stock to “buy” from “neutral”, and increases its price target to 13 euros from 10 euros. Separately, Nomura cuts its price target on the stock to 15.50 euros from 16 euros, with a “buy” rating.

METRO - ING raises its price target on the stock to 34 euros from 32 euros, with a “hold” rating.

HEIDELBERGCEMENT - UBS raises its price target on the stock to 46 euros from 38 euros, with a “neutral” rating.

IPO

German high-tech lighting company Novaled AG filed with U.S. regulators on Monday for an initial public offering of up to $200 million.

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GERMAN ECONOMIC DATA

February producer prices +0.4 pct m/m, +3.2 pct y/y. They were seen +0.5 pct m/m, +3.2 pct y/y.

EUROPEAN FACTORS TO WATCH

DIARIES

REUTERS TOP NEWS (Reporting by Jonathan Gould and Maria Sheahan)

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