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German stocks - Factors to watch on September 26
September 26, 2012 / 5:36 AM / 5 years ago

German stocks - Factors to watch on September 26

FRANKFURT, Sept 26 (Reuters) - The DAX top-30 index looked set to open 0.8 percent lower on Wednesday, according to premarket data from brokerage Lang & Schwarz at 0615 GMT.

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

DEUTSCHE BANK

Indicated 1.8 percent lower

Germany’s biggest lender expects to see one-off costs in the third quarter linked to its job cuts, litigation expenses and the reduction of risk-weighted assets, Co-Chief Executive Anshu Jain told a financial conference.

Separately Deutsche Bank supervisory board chairman Paul Achleitner told Handelsblatt bonuses for management board members are limited to a single digit million amount.

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ADIDAS

Indicated 1.3 percent lower

A German court has ruled the company can no longer sell its Adizero Primeknit shoe in Germany, backing competitor peer Nike , which claimed Adidas had infringed its “Flyknit” patent for the shoe, Handelsblatt and Financial Times Deutschland reported.

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HANNOVER RE

Indicated 0.7 percent lower

Hannover Re may plump up its dividend for 2012 to bolster its majority owner, insurer Talanx, which is readying an initial public offering, a German newspaper reported on Tuesday, citing Hannover’s chief executive.

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VOSSLOH

Indicated 0.6 percent lower

The German provider of rail infrastructure equipment is looking closely at making a large takeover, its Chief Executive Werner Andree told the Financial Times Deutschland newspaper, without giving details.

Andree told the Frankfurter Allgemeine Sonntagszeitung last month that he was looking at an acquisition in South America.

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CONERGY

Trading 12.7 percent lower in Franfurt

Silicon wafer maker MEMC Electronic Materials Inc has agreed to cancel its contract to supply wafers to German solar components provider Conergy AG.

Conergy is no longer bound to purchase wafers for about $600 million over the contract period, which was originally set to run until 30 June 2018, Conergy said.

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OVERSEAS STOCK MARKETS

Dow Jones -0.8 pct, S&P 500 1.1 pct, Nasdaq -1.4 pct at Tuesday’s close.

Nikkei -2 pct at Wednesday’s close.

EURO ZONE DEBT CRISIS

Germany, the Netherlands and Finland issued a joint declaration on Tuesday that appeared to unravel much of what was agreed at the last European summit in June, when EU leaders paved the way for the direct recapitalisation of problem banks.

Separately, Greece’s possible financing gap can only be filled by euro zone states and the European Central Bank would not participate in any potential debt restructuring, ECB executive board member Joerg Asmussen told German newspaper Die Welt.

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GERMAN ECONOMIC DATA

The preliminary German consumer price inflation figure for September is due on Wednesday at 1200 GMT, based on data released by six German states starting from 0700 GMT. National CPI is seen flat on the month and up 2.0 percent on the year in September, according to the average forecast in a Reuters poll.

EUROPEAN FACTORS TO WATCH

DIARIES

REUTERS TOP NEWS (Reporting by Jonathan Gould and Harro ten Wolde)

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