August 29, 2017 / 5:13 AM / 3 months ago

German stocks - Factors to watch on August 29

FRANKFURT, Aug 29 (Reuters) - The DAX top-30 index looked set to open 0.5 percent lower on Tuesday, according to premarket data from brokerage Lang & Schwarz at 0612 GMT.

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

MARKETS

U.S. stock futures and Asian share markets tumbled on Tuesday, while the yen jumped to four-month highs against the dollar after North Korea fired a missile over northern Japan, fuelling worries of fresh tension between Washington and Pyongyang.

BAYER

Indicated 0.6 pct lower

Bayer AG’s Brazil unit has been relying on barter for more of its agrochemical sales, swapping its products with farmers for a portion of their crops to keep business healthy as the country emerges from the harshest recession on record.

PROSIEBENSAT.1 MEDIA

Indicated 2.6 pct lower

The broadcaster said late on Monday it was looking for possible external investors to back its content production and digital commerce businesses, potentially via separate stock market listings.

It also warned that TV advertising revenues would decline in the third quarter but it upheld its full-year profit guidance thanks to a better performance in other divisions.

EVONIK

No indication available

The chemicals group said its Evonik Oil Additives USA Inc. unit temporarily shut down a plant in Deer Park, Texas, due to tropical storm Harvey.

LEG IMMOBILIEN

No indication available

The group launched 400 million euros ($479.16 million) worth of convertible bonds.

ADVA OPTICAL

Indicated 9.6 percent lower

The group lowered its sales outlook for the third quarter, now expecting 110 million and 125 million euros, down from 120 million to 130 million previously.

HAPAG-LLOYD

No indication available

The German container shipping group swung to a first-half operating profit as it raised transport volumes and freight rates stabilised, but it still posted a net loss after higher ship fuel costs weighed on first quarter earnings.

VTG

Indicated 0.6 percent lower

The group said second-quarter sales rose by 4.6 percent to 255 million euros.

AIR BERLIN

No indication available

The buyers of insolvent Air Berlin’s assets will likely be picked by mid-September, people familiar with the matter told Reuters, as the race for the carrier’s coveted take-off and landing slots in Germany heats up.

ANALYSTS’ VIEWS

LUFTHANSA - Morgan Stanley raises to “equal weight” from “underweight”

PROSIEBENSAT.1 - Goldman Sachs cuts to “neutral” from “buy”

RATIONAL - Berenberg raises to “buy” from “hold”

SGL CARBON - JP Morgan raises to “overweight” from “neutral”

OVERSEAS STOCK MARKETS

Dow Jones unchanged, S&P 500 unchanged, Nasdaq +0.3 pct at close.

Nikkei -0.5 pct, Shanghai stocks +0.1 pct.

Time: 0613 GMT.

GERMAN ECONOMIC DATA

Gfk’s consumer sentiment indicator, which is based on a survey of around 2,000 Germans, rose to 10.9 going into September, marking the fifth monthly increase in a row.

EUROPEAN FACTORS TO WATCH

DIARIES

REUTERS TOP NEWS ($1 = 0.8348 euros) (Reporting by Ludwig Burger and Christoph Steitz)

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