May 24, 2016 / 5:15 AM / a year ago

German stocks - Factors to watch on May 24

FRANKFURT, May 24 (Reuters) - The DAX top-30 index looked set to open 0.4 percent lower on Tuesday, according to premarket data from brokerage Lang & Schwarz at 0617 GMT.

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

GREECE

European finance ministers are due to meet on Tuesday to review Greece’s bailout and discuss the potential for debt restructuring.

BAYER

Indicated 0.1 percent higher

Bayer’s management promised labour representatives in a supervisory board meeting on Sunday that its employees based in Germany would receive a jobs guarantee in connection with a proposed takeover of Monsanto, Handelsblatt reported on Tuesday, citing no sources.

COMMERZBANK, COMDIRECT

Commerzbank indicated 0.4 percent lower

Comdirect indicated 0.4 percent lower

Commerzbank will continue its dual-brand strategy with online banking unit Comdirect as long as both businesses grow and are profitable, Michael Mandel, head of Commerzbank’s private client business, told Frankfurter Allgemeine Zeitung.

DEUTSCHE BANK

Indicated 1.6 percent lower

Moody’s has downgraded the bank’s credit ratings, with a stable outlook.

Separately, a U.S. appeals court reversed a lower court judge’s dismissal of investors’ antitrust claims against 16 banks including Deutsche Bank because she found no showing of anticompetitive harm.

Also, Bloomberg cited sources as saying the U.S. Securities and Exchange Commission was investigating whether Deutsche Bank inflated the value of securities in its mortgage-bond trading business and masked losses around 2013.

HENKEL

Indicated 0.1 percent lower

Henkel and other companies including Unilever and L‘Oreal have submitted first-round bids in the auction for OGX shampoo maker Vogue International LLC, people familiar with the matter said on Monday.

EVONIK

Down 5.2 percent in early Frankfurt trade

Private equity firm CVC Capital Partners will sell its remaining 4.2 percent stake in the German chemical group, its bookrunner JP Morgan said. The shares were placed at 25.50 euros apiece.

STEINHOFF

Down 0.4 percent in early Frankfurt trade

The company said it would keep its offer for Darty open until June 10.

DRILLISCH

Indicated unchanged

The company published its Q1 financial report. It already reported preliminary results on May 11, with operating profit up 38 percent quarter-on-quarter.

EVOTEC

Indicated 1.1 percent higher

The biotech company said it had extended its integrated drug discovery alliance with Roche’s Genentech for a further three years to discover novel small molecule therapeutics.

MORPHOSYS

Indicated 0.3 percent lower

The biotech company said it had formed a long-term strategic alliance with The University of Texas MD Anderson Cancer Center for the discovery and development of novel therapeutic antibodies against cancer.

HORNBACH HOLDING

Down 0.6 percent in early Frankfurt trade

Full 2015/16 results due. The group reported sales figures for the year on March 22 and said it expected full-year earnings before interest and tax to come in slightly below 140 million euros.

ANNUAL GENERAL MEETINGS

JUNGHEINRICH - 1.19 eur/shr dividend proposed

PFEIFFER VACUUM - 3.20 eur/shr dividend proposed

ANALYSTS’ VIEWS

HANNOVER RE - UBS starts with “neutral”, target price 97 euros

VOLKSWAGEN - Helvea Baader Bank raises to “hold” from “sell”, raises its target price to 135 euros from 80 euros

OVERSEAS STOCK MARKETS

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

Nikkei -0.9 pct, Shanghai stocks -1 pct.

Time: 6.19 GMT.

GERMAN ECONOMIC DATA

Strong private consumption and higher construction investment drove a 0.7 percent rise in German gross domestic product (GDP) in the first quarter, more than offsetting weaker foreign trade in Europe’s biggest economy, data showed on Tuesday.

German ZEW index for May due at 0900 GMT. Economic sentiment seen at 12.0 vs 11.2, current conditions seen at 48.9 vs 47.7.

EUROPEAN FACTORS TO WATCH

DIARIES

REUTERS TOP NEWS (Reporting by Harro ten Wolde and Maria Sheahan)

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