FRANKFURT, July 6 (Reuters) - The DAX top-30 index looked set to open 2.1 percent lower 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:
Greeks rejected conditions of a rescue package from creditors on Sunday, throwing the future of the country’s euro zone membership into further doubt and deepening a standoff with lenders.
Greek Finance Minister Yanis Varoufakis, whose forceful denunciations of creditors alienated many of his euro zone colleagues, resigned on Monday, saying Prime Minister Alexis Tsipras believed it would help smooth the path to a new aid deal.
Indicated 1.7 percent lower
Allianz’s reinsurance unit Allianz Re is making progress in the consolidation of its legacy problem areas, where it is now benefiting from scale, experience and negotiating power, Allianz Re Chief Executive Amer Ahmed told the weekend Boersen-Zeitung. “We expect gains,” he said, after bundling $2.4 billion of legacy liabilities from Fireman’s Fund and $900 million of industrial insurance liabilities in a standalone run-off company, San Francisco Re. He said the $3.3 billion total liabilities should be worked down to about 2 billion in five to 10 years’ time.
Indicated 0.5 percent lower
Deutsche Post and trade union Verdi reached a deal late on Sunday to end a four-week old strike, agreeing pay rises and job guarantees for 140,000 workers and allowing the postal operator to press ahead with plans for low-cost parcel units.
Indicated 2.3 percent lower
Chief Executive Ulf Schneider told the Sueddeutsche Zeitung his company was interested in buying more hospitals and planned to expand abroad. He said the integration of Rhoen-Kliniken was going according to plan and the costs would come in at a lower-than-expected 60 million euros ($67 million).
Indicated 0.8 percent lower
A German regional minister gave his backing to potash miner K+S’s rejection of the 7.9 billion-euro takeover proposal by Canada’s Potash Corp of Saskatchewan, saying K+S should remain a German company.
Separately, Bloomberg reported that Potash viewed a 50 euros-per-share K+S valuation as too high.
Indicated 1.4 percent lower
The airline said on Friday it and trade union Verdi have agreed to pause talks over pay for around 30,000 staff until the end of September to give both sides time to discuss how to reorganise pension schemes.
Indicated 0.2 percent lower
Utility RWE is considering a restructuring that could see units such as RWE Generation and RWE Innogy being merged or swallowed up by the parent group as it battles an industry-wide crisis, a source familiar with the matter told Reuters, confirming a report in newspaper Rheinische Post.
U.S. markets were closed on Friday in observance of Independence Day.
Nikkei -2.1 pct at Monday’s close.
German May industrial orders due at 0600 GMT. Seen -0.4 m/m.
REUTERS TOP NEWS ($1 = 0.8999 euros) (Reporting by Victoria Bryan, Georgina Prodhan and Ludwig Burger)