April 23, 2020 / 6:07 AM / a month ago

German stocks - Factors to watch on April 23

BERLIN/FRANKFURT, April 23(Reuters) - The following are some of the factors that may move German stocks on Thursday:

CORONAVIRUS

Germany’s confirmed coronavirus cases increased by 2,352 to 148,046, data from the Robert Koch Institute (RKI) for infectious diseases showed on Thursday, marking a third consecutive day of new infections accelerating.

Germany’s coalition parties agreed further measures to shield workers and companies from the impact of the coronavirus pandemic, a document showed on Thursday.

Half of German companies are using the government’s short-time work facility as most see a decline in revenues due to the coronavirus outbreak, a survey published by the Ifo economic institute on Thursday showed.

DAIMLER

Daimler said on Thursday it expected to report a near 70% plunge in a key first-quarter earnings figure and 2020 industrial free cash flow to fall, as customers shunned Mercedes-Benz car showrooms amid the novel coronavirus pandemic.

PROSIEBEN

Broadcaster ProSiebenSat.1 Media said on Wednesday it was withdrawing its outlook for 2020 and its dividend proposal due to the COVID-19 crisis.

WIRECARD

KPMG said it will present results of special audit on April 27: to date no evidence found for allegations of balance sheet manipulation.

SOFTWARE AG

German business software company Software AG SOWGn.DE reported weaker first-quarter results as clients postponed deals in its Digital Business Platform division due to coronavirus, and trimmed its full-year guidance.

VONOVIA

Bloomberg reported that real estate firm Vonovia was eying Deutsche Wohnen to build a $40 billion giant.

Vonovia said on Thursday it was constantly monitoring potential acquisitions but said such a deal would only be possible if fundamental issues were resolved and there was political support in Berlin.

VOLKSWAGEN

China’s Guoxuan High-Tech said it had discussed a possible strategic cooperation with Volkswagen, but no agreement had been reached, adding that there was uncertainty over whether the two parties could agree in the future.

ADVA OPTICAL NETWORKING

The telecommunications equipment company said on Thursday it was not able to predict the course of business for 2020 and withdrew its previous outlook, citing uncertainties about the further course of the coronavirus crisis and its effects on the company’s business.

PUMA SE: JEFFERIES CUTS TARGET PRICE TO EUR 68 FROM EUR 92

ADIDAS AG: JEFFERIES CUTS TARGET PRICE TO EUR 220 FROM EUR 270

ALLIANZ SE: RBC CUTS TARGET PRICE TO EUR 163 FROM EUR 165

SARTORIUS AG: DEUTSCHE BANK RAISES TARGET PRICE TO EUR 230 FROM EUR 200

COMMERZBANK AG: CITIGROUP CUTS PRICE TARGET TO EUR 3.5 FROM EUR 6.8

OVERSEAS STOCK MARKETS

Dow Jones +2.0%, S&P 500 +2.3%, Nasdaq +2.8% at close.

Nikkei +1.2%, Shanghai stocks +0.3%.

Time: 6:07 GMT

GERMAN ECONOMIC DATA

* German GfK consumer sentiment falls to -23.4 heading into May. * German April flash Markit PMI due at 0730 GMT. Manufacturing index seen at 39.0, service index at 28.5, composite index at 31.0

DIARIES

REUTERS TOP NEWS (Reporting by Berlin Speed Desk and Frankfurt Newsroom)

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