BERLIN, July 1 (Reuters) - The following are some of the factors that may move German stocks on Wednesday:
Asian stocks struggled for headway as the second half of the year got underway, with improving economic data offset by worries that surging coronavirus cases in the United States could derail the world’s recovery before it properly begins.
New U.S. COVID-19 cases rose by more than 47,000, according to a Reuters tally, the biggest one-day spike since the start of the pandemic as the government’s top infectious disease expert warned that number could soon double.
The toll from COVID-19 could rise to 438,000 deaths in Latin America by October if prevention measures are not kept up, a WHO official warned.
Germany reported 466 new coronavirus cases and 12 more deaths.
The supervisory board terminated with immediate effect the employment contract of former CEO Markus Braun, the company said.
Wirecard lenders are seeking buyers for 200-million euro loans to the company, Bloomberg reported.
Administrator Michael Jaffe expects insolvent Wirecard to be sold in parts, he said. Potential suitors include private equity firms and rivals like France’s Worldline.
CEO Carsten Spohr will assume additional responsibility for the airline’s finances after the departure of fellow executive board member Thorsten Dirks.
The head of human resources has stepped down after a group of employees called for an investigation over her handling of racism at the company, which she had described last year as “noise” only discussed in America.
Shorter hours would not be in the best interests of investors or stock markets, European bourses said, dashing hopes at banks and investment firms in London of cutting 90 minutes from the trading day.
The company unveiled plans to shed 15,000 jobs within a year, including 900 already earmarked in Germany, saying its future was at stake after the coronavirus outbreak paralysed air travel.
CEO Guillaume Faury warned staff against reverting to national or regional agendas that plagued the Franco-German-led firm in the past as workers battle for jobs.
The company said it is buying information and communications technology provider Iskratel for 37.5 million euros.
The South African retail conglomerate reported a bigger full-year loss, as it tries to recover from a $7 billion accounting fraud.
ANNUAL GENERAL MEETINGS
JOST WERKE - no dividend proposed
PATRIZIA - 0.29 eur/shr dividend proposed
VONOVIA - 1.57 euros/shr dividend
KNORR BREMSE - 1.80 euros/shr dividend
CANCOM - 0.50 euros/shr dividend
NORMA GROUP - 0.04 euros/shr dividend
OVERSEAS STOCK MARKETS
Dow Jones +0.9%, S&P 500 +1.5%, Nasdaq +1.9% at close.
Nikkei -0.4%, Shanghai stocks +0.9%.
Time: 4:50 GMT
* German May retail sales due at 0600 GMT. Seen +3.9% m/m, -3.5% y/y
* German June unemployment data due at 0755 GMT. Rate seen at 6.6%
* German June Markit final PMI due at 0755 GMT. Seen at 44.6
REUTERS TOP NEWS (Reporting by Berlin Speed Desk and Gdansk Newsroom)
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