June 26, 2017 / 5:06 AM / a month ago

German stocks - Factors to watch on June 26

6 Min Read

BERLIN/FRANKFURT, June 26 (Reuters) - The DAX top-30 index looked set to open 0.3 percent higher on Monday, according to premarket data from brokerage Lang & Schwarz at 0609 GMT.

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

Allianz

Indicated 0.2 percent higher

Allianz has agreed to sell its 90 percent stake in private bank Oldenburgische Landesbank (OLB) to U.S. private equity firm Apollo for 300 million euros ($336 million), it said late on Friday.

Commerzbank

Indicated 0.5 percent higher

Commerzbank customers in Germany were unable to withdraw cash from ATMs or use their EC cards for payments for much of Saturday due to a maintenance operation that took longer than expected. Commerzbank said all services were restored at 1600 local time and apologised to its customers via Facebook.

Daimler

Indicated unchanged

An investigation into possible fraud linked to diesel emissions is "far far advanced", Chief Executive Dieter Zetsche told Deutschlandfunk in an interview broadcast on Sunday.

Deutsche Bank

Indicated 0.3 percent higher

UBS was excluded from Deutsche Bank's rights issue after the German lender learned its Swiss rival had been trying to poach Asian wealth management staff, the Financial Times reported on Monday, citing people familiar with the situation.

e.on, Rwe, Uniper

E.ON indicated 0.2 percent higher

RWE indicated 0.4 percent higher

Uniper indicated unchanged

The German government is due to sign the contract for the financing of a nuclear waste fund with power utilities on Monday, Frankfurter Allgemeine Zeitung reported on Saturday.

RWE's finance chief declined to comment in Boersen-Zeitung at the weekend on whether RWE could be interested in buying E.ON's stake in Uniper, or a stake in Steag, but said he was pleased there was suddenly so much fantasy about the future of the market. "We can afford to sit back and examine all options in peace," he said.

Lufthansa, Air Berlin

Lufthansa indicated 0.4 percent higher

Air Berlin indicated 8.9 percent lower

Lufthansa sees no limit to the number of planes and crews it could lease from Air Berlin, its chief executive told German newspaper Bild am Sonntag, amid criticism that support for its ailing rival is a stealth takeover attempt.

Munich Re

Indicated 0.3 percent higher

Global reinsurers have written to the European Commission to ask it to ensure mutual access between British and European Union reinsurance markets after Britain leaves the bloc due to worries about market disruption, according to extracts from a letter seen by Reuters.

Volkswagen

Indicated 0.2 percent higher

A lawyer for former Volkswagen manager Heinz-Jakob Neusser, who is sought in the United States in connection with the carmaker's diesel emissions-cheating scandal, has advised him not to leave Germany, she told Bild Zeitung. In separate comments to Welt am Sonntag, she added that she expected a criminal process to be launched also in Germany, but not for many months yet.

Volkswagen's Slovak unit said on Sunday it had reached a wage deal with a trade union to end a six-day strike that has hit production at the country's biggest private employer.

Also, Audi's management board, including Chief Executive Rupert Stadler, has been sharply criticised by company managers, Bild am Sonntag reported on Sunday, citing an internal dossier.

Hannover Re

Indicated 0.2 percent higher

Hannover Re will reach its profit targets despite expecting low interest rates to prevail in the euro zone for the next five to 10 years, as it expects to make returns of at least 2.7 percent on capital markets, its finance chief told Euro am Sonntag.

Stada

Indicated 0.5 percent higher

Buyout groups Bain Capital and Cinven had to wait over the weekend to see whether their takeover bid for the German generic drugmaker Stada has been successful, two sources familiar with the situation said.

Dialog Semiconductor

Indicated 1.2 percent higher

The group is actively looking for larger acquisitions to reach a target of reducing its reliance on Apple by five to 10 percent per year, Swiss paper Finanz und Wirtschaft cited Chief Executive Jalal Bagherli as saying in its Saturday edition. It has roughly $400 million liquidity for acquisitions and share buybacks, he said.

Sartorius

Indicated 0.6 percent higher

Sartorius can raise over 1 billion euros for acquisitions via debt, own shares and a capital hike at biotech subsidiary Sartorius Stedim Biotech, CEO Joachim Kreuzburg told Euro am Sonntag.

Slm Solutions

Up 2.3 percent in early Frankfurt trade

The 3D printer maker said it had won a major order worth up to 12 million euros from China.

Surteco

Indicated 1.3 percent higher

Surteco agreed to buy Portuguese PVC edgebandings maker Probos from private equity firm Alantra for 99 million euros in cash, it said on Saturday.

Vapiano

Vapiano said on Sunday it would offer 3.7 million shares in Tuesday's IPO, targeting gross proceeds of around 85 million euros.

The shares will be issued at 23 euros apiece, two people familiar with the matter told Reuters on Monday.

Jost

The truck parts maker said it planned to float on the Frankfurt stock exchange in the second half of 2017.

Analysts' Views

ZALANDO - RBC cuts to "underperform" from "sector perform", a trader says

Overseas Stock Markets

Dow Jones unchanged, S&P 500 +0.2 pct, Nasdaq +0.5 pct at close.

Nikkei +0.1 pct, Shanghai stocks +0.7 pct.

Time: 6.18 GMT.

German Economic Data

German June Ifo index due at 0800 GMT. Business Climate seen at 114.2 points vs 114.6.

European Factors to Watch

Diaries

REUTERS TOP NEWS (Reporting by Victoria Bryan, Georgina Prodhan and Maria Sheahan)

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