May 3, 2017 / 4:58 AM / 3 months ago

German stocks - Factors to watch on May 3

6 Min Read

BERLIN/FRANKFURT, May 3 (Reuters) - The DAX top-30 index looked set to open unchanged on Wednesday, according to premarket data from brokerage Lang & Schwarz at 0600 GMT.

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

u.s. Fed

The U.S. Federal Reserve is expected to hold interest rates steady at its meeting this week as it pauses to parse more economic data but may hint it is on track for an increase in June.

Autos

BMW indicated unchanged

Daimler indicated 0.5 percent lower

Volkswagen indicated 0.2 percent higher

Carmakers published U.S. car sales figures for April. BMW reported a 12.2 fall in deliveries, while Mercedes-Benz's car sales were down 7.9 percent. Volkswagen's deliveries were up 1.6 percent.

Separately, German monthly car registration figures due from association VDA.

Daimler's 400 million euros ($437 million) cost savings plan for Trucks is making good progress, executive Martin Daum told Frankfurter Allgemeine Zeitung. For margins to improve further, efficiency gains need to come two thirds from growth, and one third from cuts, Daum told the paper.

Also, supplier Prevent said it hopes for a normalisation of relations with Volkswagen, according to Handelsblatt.

Deutsche Bank

Indicated 0.6 percent higher

Chinese conglomerate HNA Group has raised its stake in Deutsche Bank to 9.9 percent, a source close to Germany's flagship lender said on Tuesday.

Separately, Deutsche Bank is concerned about being cut off from the London Clearing House (LCH) following Britain's exit from the European Union, Stefan Hoops, head of the lender's capital markets division, told Boersen-Zeitung in an interview.

e.on

Indicated 0.3 percent higher

The German energy company has agreed a cooperation with Google to offer the U.S. firm's Sunroof platform to identify homes suitable for solar panels, its first move outside of the United States, sources tell the Handelsblatt daily.

Fresenius

Indicated 1.7 percent higher

The healthcare group lifted its guidance on strong demand in the United States for its generic infusion drugs.

Fresenius Medical Care

Indicated 0.2 percent higher

The kidney dialysis provider posted a 17 percent gain in quarterly adjusted net income, benefiting from higher reimbursement rates and lower costs of medicines for dialysis patients.

Prosiebensat.1

Indicated 0.1 percent higher

Recent management departures at ProSiebenSat.1 are unrelated to each other, Chief Executive Thomas Ebeling told Handelsblatt.

Volkswagen

Indicated 0.2 percent higher

Full Q1 results due. The group published preliminary figures on April 18, reporting a 28 percent jump in quarterly operating profit, helped by a return to earnings growth at its core VW brand.

Fraport

Indicated 0.6 percent higher

The airports operator has the financial leeway to buy more airports, finance chief Matthias Zieschang told Boersen-Zeitung in an interview, adding Fraport was still very interested in Bulgaria's Sofia.

Hugo Boss

Indicated 0.5 percent higher

The German fashion house reported a better-than-expected increase in first-quarter sales and net profit on Wednesday, helped by a recovery in China as well as growth in Britain, where the weak pound has boosted tourist spending.

Jungheinrich

Indicated 0.9 percent lower

The German forklift truck maker confirmed its 2017 outlook for EBIT of 250-260 million euros on sales of between 3.3 and 3.4 billion euros after reporting a 23-percent rise in first quarter operatin profit to 56.4 million euros.

Rational

Indicated 0.1 percent higher

Q1 results due. EBIT seen up 17 percent at 37.7 million euros. Poll:

Osram

No indication available

The group published detailed Q2 results, with net profit coming to 79 million euros. It had already published revenue and core profit margin figures on Tuesday and hiked its guidance.

Morphosys

Indicated 0.1 percent lower

The group reported its EBIT loss widened to 14.9 million euros, in line with analyst consensus.

Qiagen

No indication available

The genetic testing company confirmed its full-year 2017 guidance of 6-7 percent currency-adjusted sales growth and adjusted earnings per share of $1.25-$1.27 after first-quarter adjusted net income rose 6 percent to $47.8 million.

S&T

Indicated 1.9 percent higher

The group said it would raise capital by way of contribution in kind to its planned Kontron merger.

Xing

Indicated 0.6 percent lower

The group reported a 15 percent jump in first-quarter EBITDA to 12 million euros.

Grammer

Indicated 0.1 percent lower

Commenting on a dispute with investor Hastor, Chief executive Hartmut Mueller said he would resign if he was the problem, but that he wanted to know what the investor's plan was first, according to an interview in Handelsblatt.

Grenke

No indication available

The company said its net profit jumped by 28 percent in the first quarter and affirmed its full-year guidance.

Washtec

Indicated 1.5 percent higher

Q1 results due. The group hiked its 2017 guidance on April 7, citing strong order intake in the previous weeks.

Annual General Meetings

ALLIANZ - 7.60 eur/shr dividend proposed

COMMERZBANK - no dividend proposed

COVESTRO - 1.35 eur/shr dividend proposed

RATIONAL - 10 eur/shr dividend proposed

WASHTEC - 2.10 eur/shr dividend proposed

Analysts' Views

MTU AERO ENGINES - JP Morgan cuts to "neutral" from "overweight"

NEMETSCHEK - Baader Helvea Bank cuts to "hold" from "buy", price target 65 euros

AUMANN - Berenberg starts with "hold", 65 euros price target. Citigroup starts with "neutral" rating, 67.9 euros price target

Overseas Stock Markets

Dow Jones +0.2 pct, S&P 500 +0.1 pct, Nasdaq +0.1 pct at close.

Japanese markets closed, Shanghai stocks -0.4 pct.

Time: 6.04 GMT.

German Economic Data

German April jobless figures due at 0800 GMT. Seen -12,000 seasonally adjusted, with the unemployment rate flat at 5.8 pct.

European Factors to Watch

Diaries

REUTERS TOP NEWS ($1 = 0.9150 euros) (Reporting by Emma Thomasson and Maria Sheahan)

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