June 23, 2017 / 4:55 AM / a month ago

German stocks - Factors to watch on June 23

4 Min Read

FRANKFURT, June 23 (Reuters) - The DAX top-30 index looked set to open 0.1 percent lower on Friday, according to premarket data from brokerage Lang & Schwarz at 0613 GMT.

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

Brexit

Theresa May offered fellow EU leaders a "fair" deal on Thursday for compatriots living in Britain after Brexit, though her peers sounded sceptical and demanded more detail from a prime minister weakened by an electoral misfire two weeks ago.

Allianz

Indicated 0.1 percent lower

The insurer is planning to cut 700 jobs in Germany over the next three years, Sueddeutsche Zeitung reported on Friday, citing company sources.

Daimler

Indicated unchanged

The manufacturer could suffer a drop in production of Mercedes-Benz luxury cars next month because of a dispute over future projects between management and unions at a key plant.

Deutsche Bank

Indicated 0.1 percent lower

The lender filed for a debt shelf of up to $12 billion with the U.S. SEC.

Separately, WirtschaftsWoche reported that Deutsche Bank would present details of a planned integration of Postbank in September, or at the latest in October.

Siemens

Indicated 0.2 percent lower

Germany is in talks with India's government to secure two rail projects that are of interest to German companies, WirtschaftsWoche quoted Germany's economy ministry as saying, adding Siemens, Deutsche Bahn and medium-sized rail companies could benefit.

Thyssenkrupp

Indicated 0.3 percent lower

The industrial group wants to decide by the end of September whether to pursue a European steel merger with India's Tata Steel, the head of its steel works council said on Thursday.

Volkswagen

Indicated 0.2 percent lower

The United States has issued international arrest warrants for five former VW managers accused of wrongdoing in connection with the carmaker's diesel emissions-cheating scandal, Sueddeutsche Zeitung reported on Thursday.

A strike at the carmaker's Slovak unit will continue into a fourth day after talks on wage deal failed, union chief Zoroslav Smolinsky said on Thursday.

Airbus

Down 0.1 percent in early Frankfurt trade

Boeing won a race for new business at the Paris Airshow, rolling out a new model of its best-selling 737 airliner that helped it claim back the order crown from rival Airbus.

Also, Airbus sales chief John Leahy, one of the dominant figures of modern aviation, hinted on Thursday he would retire this autumn, as he wrapped up what he said would be his last air show by revealing a few precious negotiating tricks.

Cancom

Indicated 0.1 percent higher

The company has agreed to buy all shares in Syniax group.

Drillisch, United Internet

Drillisch indicated 0.2 percent lower

United Internet indicated 0.5 percent lower

United Internet's offer for Drillisch due to end at midnight.

Pfeiffer Vacuum

Indicated 0.7 percent lower

The vacuum pump maker has acquired U.S.-based Nor-Cal Products for $68 million.

Qiagen

Down 1.3 percent in early Frankfurt trade

Italy's Diasorin and Qiagen will jointly develop new tests for Diasorin's "Liaison" family of analyzers.

Analysts' Views

BASF - Berenberg starts with "sell" rating, 78 eur price target

COMMERZBANK - Citi upgrades to "buy"

DUERR - HSBC cuts to "hold" from "buy", raises target price to 104 euros from 103 euros

Overseas Stock Markets

Dow Jones -0.1 pct, S&P 500 unchanged, Nasdaq unchanged at close.

Nikkei +0.1 pct, Shanghai stocks -0.4 pct.

Time: 6.17 GMT.

German Economic Data

German June Markit flash PMI due at 0730 GMT. Manufacturing PMI seen at 59.0 vs 59.5, services PMI at 55.5 vs 55.4, composite PMI at 57.3 vs 57.4.

European Factors to Watch

Diaries

REUTERS TOP NEWS (Reporting by Andreas Cremer and Maria Sheahan)

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