September 16, 2019 / 5:21 AM / 2 months ago

German stocks - Factors to watch on September 16

BERLIN/FRANKFURT, Sept 16 (Reuters) - The following are some of the factors that may move German stocks on Monday:


Volkswagen said on Monday it had agreed to pay up to A$127 million ($87.3 million) to settle lawsuits brought on behalf of thousands of Australian customers caught up in its global diesel emissions cheating scandal.

Separately, Volkswagen has abandoned its decades-old obsession with empire building and no-expense-spared engineering to free up resources for the development and mass production of electric cars, its CEO Herbert Diess told Reuters.


Germany’s motor vehicle authority (KBA) has told Volkswagen’s premium brand Audi that it faces penalties for its failure to remove illegal software from diesel cars that can manipulate emissions levels, the Bild am Sonntag (BamS) newspaper reported.

Separately, BMW’s engine development and purchasing expert, Markus Duesmann, is set to become the CEO of Audi, after BMW dropped its opposition to his early departure, a German newspaper reported on Saturday.


Deutsche Bank has signed up to the financial services industry’s biggest blockchain project, in a move that will cut costs at the German lender, the Financial Times reported on Sunday.


Siemens and Orascom Construction signed an agreement on Saturday with the Iraqi government to rebuild two power plants in the north of the country that will have a combined capacity of 1.6 gigawatts.


Compugroup said on Sunday it has revised its 2019 forecast, now expecting full-year earnings before interest, taxes, depreciation, and amortization (EBITDA) to be in the range of 175 to 190 million euros taking into account M&A transaction costs, compared to previously expected 190 million to 205 million euros excluding M&A transaction costs.


German health care group Fresenius has abandoned plans to sell its blood transfusion business, a spokesman said on Sunday, confirming a German media report.


Axel Springer is planning layoffs as part of a cost-cutting programme that would mainly affect its newspapers, the German media group’s chief executive told the Sueddeutsche Zeitung in an interview released on Sunday.


The company on Friday announced details of details about about pricing of its new convertible bonds.


German payments company Wirecard said on Monday that it had signed a memorandum of understanding to expand its strategic partnership with UnionPay, the Chinese payment card issuer.


Dow Jones +0.1%, S&P 500 -0.1%, Nasdaq -0.2% at close.

Japanese markets closed, Shanghai stocks +0.1%.

Time: 5:16 GMT


No major economic data scheduled.


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

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