September 11, 2017 / 5:18 AM / 3 months ago

German stocks - Factors to watch on September 11

BERLIN/FRANKFURT, Sept 11 (Reuters) - The DAX top-30 index looked set to open 0.7 percent higher on Monday, according to premarket data from brokerage Lang & Schwarz at 0643 GMT.

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

HURRICANE IRMA

A weakening but still potent Hurricane Irma lashed Florida’s Gulf Coast on Sunday with tree-bending winds, pounding rain and surging surf, leaving millions of homes without power, while flooding streets and swaying skyscrapers across the state in Miami.

ALLIANZ

Indicated 0.5 percent higher

State-backed Abu Dhabi Investment Council is weighing the sale of its nearly 24 percent stake in Abu Dhabi National Insurance Co (ADNIC), with Allianz among groups showing initial interest in buying it, sources familiar with the matter said.

AUTOS

BMW indicated 1 percent higher

Daimler indicated 0.8 percent higher

Volkswagen indicated 1.1 percent higher

China has begun studying when to ban the production and sale of cars using traditional fuels, the official Xinhua news agency reported, citing comments by the vice industry minister, who predicted “turbulent times” for automakers forced to adapt.

Separately, Daimler’s Mercedes-Benz is due to hold its Capital Markets Day.

Also, Volkswagen’s integrity chief Hiltrud Werner told Handelsblatt newspaper that a new group-wide code of conduct will include the possibility of sanctions such as cutting bonuses and fines.

CONTINENTAL

Indicated 0.4 percent higher

The market for technologies needed for self-driving cars is likely to reach 17 billion euros by 2020, Continental Chief Executive Elmar Degenhart told Frankfurter Allgemeine Zeitung.

INFINEON

Indicated 0.3 percent higher

The chip maker has almost doubled the amount of new business from electric cars in the first nine months of the year than when compared with the whole of 2016 Infineon-Chef Executive Reinhard Ploss told Welt am Sonntag.

LUFTHANSA

Indicated 0.1 percent higher

Due to report August traffic figures at 1100 GMT.

Lufthansa’s budget arm Eurowings and German cabin crew union UFO said an agreement in principle had been reached on pay, a key step toward settling a long running dispute over pay and conditions. An agreement still needs to be formally approved by the UFO management.

MERCK

Indicated 0.6 percent higher

The chemicals and healthcare group has hired investment bank JP Morgan as a financial adviser to evaluate strategic options for its consumer health business, a spokesman for the German company said on Friday.

REINSURERS

Munich Re indicated 1.9 percent higher

Hannover Re indicated 2.9 percent higher

As Hurricane Irma battered Florida on Sunday, the cream of the insurance world -- gathered under the Mediterranean sun in Monte Carlo -- was assessing the costs of the storm for the global industry.

Munich Re said on Sunday it was too early to gauge the final damage wreaked by hurricane Harvey but estimated insured losses for the industry to reach between $20-$30 billion. Hurricane Irma is a “major event” for the insurance industry.

THYSSENKRUPP

Indicated 0.3 percent higher

Thyssenkrupp plans to add up to 2,000 jobs per year at its elevator business, the division’s chief Andreas Schierenbeck told Westdeutsche Allgemeine Zeitung. “With annual industry growth of around 2 to 4 percent, the number of employees should rise at the same pace,” he said.

EVONIK

Up 1.3 percent in early Frankfurt trade

The chemical company plans to cut costs in all business areas and is aiming to strengthen its nutrition and care and resource efficiency operations through acquisitions, chief executive Christian Kullmann told Rheinische Post.

INNOGY

Indicated 0.5 percent higher

Projects owned by Germany’s Innogy Renewables and Britain’s SSE were among 11 winners in Britain’s auction for subsidies for renewable electricity, the UK government said.

RATIONAL

Indicated unchanged

Analyst day due.

UNIPER

Indicated 2.4 percent higher

German utility Uniper may dismantle German power plants, reassemble them in Britain, and could even buy stakes in British gas power stations, Chief Financial Officer Christopher Delbrueck told Frankfurter Allgemeine Zeitung.

BET-AT-HOME.COM

Indicated 1.5 percent higher

Q2 report due. The group published preliminary results on July 31 and affirmed its full-year guidance.

GRAND CITY PROPERTIES

Indicated 0.9 percent higher

Chief Executive Christian Windfuhr told Welt am Sonntag that he sees profits increasing, thanks to an annual rise in rental income of around 4.3 percent and a growth in the portfolio of between 5 and 10 percent.

AIR BERLIN

Indicated 15.4 percent higher

German aviation investor Hans Rudolf Woehrl late on Sunday said a company controlled by his INTRO Group had submitted a 500 million euros ($600.70 million) offer to buy insolvent Air Berlin.

BERTELSMANN

The publishing giant is not considering any further large takeovers worth “billions” and has no plans to list its Penguin Random House (PRH) division, Chief Financial Officer Bernd Hirsch told newspaper Boersen-Zeitung.

IPO

Germany’s Paragon plans to float about 40 percent of its Voltabox battery systems unit on the Frankfurt stock exchange as early as this autumn to raise deleveopment funds for the business.

ANALYSTS’ VIEWS

E.ON - Berenberg cuts to “hold” from “buy”, cuts price target to 9.50 euros from 10 euros

HANNOVER RE - Helvea Baader Bank raises to “hold” from “sell”, raises price target to 90 euros from 84 euros

KION - JP Morgan starts with “overweight”, target price 89 euros

GERMAN ECONOMIC DATA

No economic data scheduled.

EUROPEAN FACTORS TO WATCH

DIARIES

REUTERS TOP NEWS (Reporting by Andreas Cremer, Edward Taylor and Maria Sheahan)

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