March 22, 2017 / 6:02 AM / 8 months ago

German stocks - Factors to watch on March 22

FRANKFURT, March 22 (Reuters) - The DAX top-30 index looked set to open 0.7 percent lower on Wednesday, according to premarket data from brokerage Lang & Schwarz at 0708 GMT.

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

BASF

Indicated 0.7 percent lower

BASF’s oil and gas exploration subsidiary Wintershall to hold annual news conference.

Russian gas giant Gazprom said it had discussed joint gas production plans and the Nord Stream 2 pipeline project with BASF.

Separately, a small amount of hydrogen chloride leaked from a compressor during maintenance work at BASF’s biggest plant in Ludwigshafen, Germany on Tuesday. It said four employees of a third-party company and one BASF workers suffered mucous membrane irritation.

COMMERZBANK

Indicated 1.4 percent lower

Bank of New York Mellon must face a Commerzbank lawsuit seeking to hold it liable for toxic mortgage-backed securities that the German lender bought before the financial crisis, resulting in more than $1 billion of losses.

DEUTSCHE BANK

Indicated 1 percent lower

A federal judge on Tuesday said investors seeking to hold Deutsche Bank liable for causing $3.1 billion of losses by failing to properly monitor 10 trusts backed by toxic residential mortgages cannot pursue their claims as a group.

Separately, Handelsblatt reported that Deutsche Bank has agreed to a 450-million-euro ($486 million) settlement with investors in connection with the bankruptcy of Iceland’s Kaupthing, without saying where it got the information.

DEUTSCHE POST

Indicated 1.1 percent lower

Amazon.com is teaming up with Deutsche Post’s DHL for its grocery delivery service Amazon Fresh in Germany, Handelsblatt daily reported, citing industry sources.

Separately, rival FedEx reported worse-than-expected quarterly operating earnings, but an optimistic outlook for margins in the near-term soothed investor concerns.

VOLKSWAGEN

Indicated 0.5 percent lower

Top officials at the carmaker’s luxury division Audi will meet next week to discuss a raid by German prosecutors on the carmaker’s premises last week and the situation of its embattled chief executive, sources said.

Also, Frankfurter Allgemeine Zeitung reported that Volkswagen would in early May for the first time separately report results for its core brand VW.

JUNGHEINRICH

Indicated 0.7 percent lower

Q4 results due. Earnings before interest and tax (EBIT) seen up 10 percent at 67.7 million euros. Poll:

NORMA GROUP

Up 0.9 percent in early Frankfurt trade

The group announced it was hiking its dividend for 2016 to 0.95 euros per share from 0.90 euros a year earlier and said it expected its core profit margin to remain above 17 percent this year.

STADA

Indicated 0.4 percent higher

Stada, at the centre of a takeover battle between two private equity consortia, postponed a press conference on 2016 results by six days to March 29 to fully take into account a smaller acquisition that will have a single-digit million euro effect on earnings.

CARL ZEISS MEDITEC

Indicated 4.8 percent lower

The German medical technology company said it is to raise 300 million euros ($324 million) in a share issue to help finance acquisitions.

JENOPTIK

Indicated 2.5 percent lower

The group said it expected its 2017 EBIT margin to come to 9.5 to 10.0 percent, compared with 10.0 percent in 2016.

XING

Indicated 0.2 percent lower

Full Q4 results due. The business social network operator reported preliminary results on Feb. 23 and proposed a special dividend alongside an increased regular dividend.

ADO PROPERTIES

No indication available

The real estate group hiked its dividend by almost 30 percent to 0.45 euros and said it expected an FFO I run rate of around 60 million euros this year.

HAPAG-LLOYD

No indication available

Antitrust investigators at the U.S. Justice Department have subpoenaed top executives from several container shipping lines as part of a probe into the global industry, shipping lines said on Wednesday.

KOENIG & BAUER

Indicated 1.5 percent lower

The group reported its net profit rose more than threefold to 82.2 million euros in 2016.

TAKKT

Indicated 0.7 percent higher

The group hiked its dividend to 0.55 euros per share from 0.50 euros and said it expected its 2017 EBITDA margin to be in the middle of its target corridor of 12-15 percent due to expenses related to its digital strategy.

WASHTEC

Indicated 0.7 percent lower

Full Q4 results due. The group has already reported preliminary results, with full-year net profit jumping 24 percent and proposed a dividend of 2.10 euros per share.

INDEX CHANGES AS OF MARCH 22:

SDAX

IN: MLP

OUT: GFK

ANALYSTS’ VIEWS

AURUBIS - Berenberg cuts to “hold” from “buy”, lowers target price to 62.00 euros from 62.50 euros

WACKER CHEMIE - JP Morgan raises to “overweight” from “neutral”, lifts target price to 115 euros from 110 euros

TALANX - DZ Bank cuts to “sell” from “buy”, cuts target price to 31.20 euros from 33.50 euros

SARTORIUS - DZ Bank cuts to “hold” from “buy”, raises target price to 78 euros from 76 euros

SILTRONIC - Credit Suisse raises to “outperform” from “neutral”, raises target price to 73 euros from 45 euros

OVERSEAS STOCK MARKETS

Dow Jones -1.1 pct, S&P 500 -1.2 pct, Nasdaq -1.8 pct at close.

Nikkei -2.1 pct, Shanghai stocks -0.5 pct.

Time: 7.09 GMT.

GERMAN ECONOMIC DATA

No economic data scheduled.

EUROPEAN FACTORS TO WATCH

DIARIES

REUTERS TOP NEWS ($1 = 0.9259 euros) (Reporting by Harro ten Wolde and Maria Sheahan)

Our Standards:The Thomson Reuters Trust Principles.
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