August 27, 2018 / 5:23 AM / 3 months ago

German stocks - Factors to watch on August 27

FRANKFURT/BERLIN, Aug 27 (Reuters) - The following are some of the factors that may move German stocks on Monday:

AUTOS

Volkswagen due to hold a news conference on the first preliminary report by the U.S. monitor tasked with overseeing VW’s post-dieselgate reforms.

A public broadcaster reported on Friday that Volkswagen CEO Herbert Diess was given a memorandum warning the carmaker might face legal action in the U.S. over the use of cheating software in cars just days before the scandal broke.

Handelsblatt cited industry sources as saying that German carmakers involved in a diesel emissions scandal will likely miss a year-end deadline of conducting voluntary software upgrades in all affected diesel vehicles in the country.

Also, VW integrity chief Hiltrud Werner in an interview with Sueddeutsche Zeitung criticised the corporate culture at the carmaker, saying: “In many parts of the company there is still staying power that cherishes the old culture, the silent performance of duties without objections.”

BAYER

Brazil’s Agriculture Minister Blairo Maggi tweeted on Friday that he had incorrectly stated a day earlier that a court had lifted an injunction on products containing the widely used herbicide glyphosate and that a ruling was still pending.

Separately, Bayer and Johnson & Johnson’s campaign to widen the market for its heart drug Xarelto hit a snag on Sunday when a study for a potential new patient subgroup failed to show a statistically reliant benefit.

DEUTSCHE BANK

Deutsche Bank is seeking around 1,000 job cuts at the headquarters of its retail division, Bloomberg reported, citing people briefed on the matter.

Separately, Deutsche Bank expects significantly lower pretax profit at its private and commercial bank business in the second half of the year, Handelsblatt quoted the division’s first-half report as saying.

DEUTSCHE TELEKOM

The CEOs of United Internet and Rocket Internet called for more competition in the telecom industry ahead of the auctioning of 5G licenses, according to Handelsblatt.

E.ON, RWE, INNOGY

The Germany energy company, which is taking over the renewable units of E.ON and Innogy, plans to register the transaction with competition authorities in Brussels in the fourth quarter of this year, RWE’s finance chief told the Boersen-Zeitung.

METRO

Family-owned German investment group Haniel has agreed to sell a 7.3 percent stake in retailer Metro AG to a Czech-Slovak investor group for an undisclosed sum, with the option of selling the rest of its holding at a later date.

UNIPER

Azerbaijan state oil company SOCAR will work with Germany’s Uniper to improve the energy efficiency of oil and gas production in the country, the company said on Saturday.

EVOTEC

Evotec and Centogene have signed a strategic partnership on drug discovery projects in rare genetic diseases, Evotec said.

S&T

The company said it was giving Ennoconn Investment Holdings 2.18 million new shares from a capital increase in exchange for a 49 percent stake in Kontron Canada. In addition to the new shares, Ennoconn will receive 0.15 euros per new share, it said.

STEINHOFF

The group said the deadline to agree a potential restructuring of Hemisphere’s debt had been pushed back to Aug. 31.

OVERSEAS STOCK MARKETS

Dow Jones +0.5 pct, S&P 500 +0.6 pct, Nasdaq +0.9 pct at close.

Nikkei +1.0 pct, Shanghai stocks +1.7 pct.

Time: 5.47 GMT.

GERMAN ECONOMIC DATA

German Ifo business sentiment index for August due at 0800 GMT. Business Climate seen at 102.0 vs 101.7, Current Conditions at 105.5 vs 105.3, Expectations at 98.5 vs 98.2.

DIARIES

REUTERS TOP NEWS (Reporting by Christoph Steitz, Tom Sims and Maria Sheahan)

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