August 18, 2017 / 5:01 AM / 3 months ago

German stocks - Factors to watch on August 18

FRANKFURT, Aug 18 (Reuters) - The DAX top-30 index looked set to open 0.5 percent lower on Friday, according to premarket data from brokerage Lang & Schwarz at 0605 GMT.

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

BAYER

Indicated 0.4 percent lower

U.S. House Democrats said on Thursday they were launching an investigation into why prices for Multiple Sclerosis (MS) treatments have nearly quintupled since 2004, and they sent letters requesting information from seven drugmakers, including Bayer.

DEUTSCHE BANK

Indicated 0.7 percent lower

Deutsche Bank and Bank of America Corp agreed to pay a combined $65.5 million to settle investor litigation accusing large banks of rigging the roughly $9 trillion government agency bond market over a decade.

JPMorgan Chase & Co named on Friday Lan Chen of Deutsche Bank as the vice chairperson of the U.S. bank’s global investment banking business in China as part of its efforts to expand in that market, according to an internal memo seen by Reuters.

LUFTHANSA

Indicated 0.5 percent lower

AIR BERLIN

No indication available

A first round of formal talks for the sale of insolvent German airline Air Berlin’s assets will be held with its bigger local rival Lufthansa on Friday, ahead of other prospective bidders, a senior labour union official said.

Separately, airline entrepreneur Hans Rudolf Woehrl is interested in insolvent Air Berlin, a spokeswoman for his company INTRO-Verwaltungs GmbH told Reuters, responding to a media report saying he was planning a bid.

VOLKSWAGEN

Indicated 0.3 percent lower

DAIMLER

Indicated 0.3 percent lower

BMW

Indicated 0.3 percent lower

Initiatives agreed earlier this month in Berlin at a diesel summit of government officials and auto industry leaders will result in a 12-14 percent reduction in emissions of toxic nitrogen oxides (NOx), according to the president of the VDA auto industry association said in Friday’s Handelsblatt.

PROSIEBENSAT1

Indicated 0.2 percent lower

RTL

No indication available

A German court ruled on Thursday that ad-blocking software by vendor Eyeo was legal, dealing a blow to media groups ProSiebenSat.1, RTL and Sueddeutsche Zeitung, who had sought to ban it.

GRAND CITY PROPERTIES

Indicated 0.4 percent lower

Grand City Properties said first-half net profit was 225 million euros.

ANALYSTS’ VIEWS

BEIERSDORF - Jefferies lowers price target to 95 euros from 96 euros.

MERCK - Berenberg cuts price target to 109 euros from 110 euros.

DUERR - Berenberg cuts price target to 121 euros from 123 euros.

JUNGHEINRICH - Jefferies raises price target to 41 euros from 37 euros.

OVERSEAS STOCK MARKETS

Dow Jones -1.2 pct, S&P 500 -1.5 pct, Nasdaq -1.9 pct at close.

Nikkei -1.2 pct, Shanghai stocks unchanged.

Time: 6.09 GMT.

GERMAN ECONOMIC DATA

German July producer prices due at 0600 GMT. Seen +0.1 pct m/m, +2.2 pct y/y.

EUROPEAN FACTORS TO WATCH

DIARIES

REUTERS TOP NEWS (Reporting by Christoph Steitz and Tom Sims)

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