December 5, 2018 / 5:46 AM / 6 days ago

German stocks - Factors to watch on Dec. 5

BERLIN, Dec 5 (Reuters) - The following are some of the factors that may move German stocks on Wednesday:

CARMAKERS

President Donald Trump pressed senior executives of leading German automakers to expand their investments in the United States as the White House considers imposing new tariffs on European-made vehicles.

Volkswagen’s CEO said after the meeting that his company was building an alliance with Ford and might use Ford’s plants to build cars.

DAIMLER

China’s BAIC shares slumped after Bloomberg reported that Daimler was considering increasing its stake in its joint venture with the Chinese company.

VOLKSWAGEN

Strategy chief Michael Jost said the German carmaker’s core brand would develop its final generation of vehicles using combustion engine technology in 2026.

STEELMAKERS

Germany’s IG Metall union demanded a 6 percent wage increase for the 72,000 employees in the steel industry in the northwest of the country, possibly setting a benchmark for millions of workers.

Additionally, the works council of ThyssenKrupp’s steel unit holds a regular news conference on Wednesday following a general staff meeting. Focus will be on details of who will lead a planned European steel joint venture with Tata Steel and an ongoing EU antitrust investigation.

BEIERSDORF

Beiersdorf, the maker of Nivea skin creams, is shaking up its top management team when new chief executive Stefan De Loecker takes over on Jan. 1, poaching managers from rivals Procter & Gamble and Reckitt Benckiser.

DEUTSCHE BANK

The lender settled a Frankfurt prosecutors’ investigation into its role in helping clients do controversial tax deals, Bloomberg reported, citing people with knowledge of the matter.

Additionally, Bloomberg said Deutsche was tightening its rules on how employees could trade with their own money.

BAYER

Capital Markets Day due

OVERSEAS STOCK MARKETS

Dow Jones -3.1 pct, S&P 500 -3.2 pct, Nasdaq -3.8 pct at close.

Nikkei -0.5 pct, Shanghai stocks -0.6 pct.

Time: 5:45 GMT.

GERMAN ECONOMIC DATA

November Markit services PMI due at 0855 GMT. Seen at 53.3

November Markit composite PMI due at 0855 GMT. Seen at 52.2

DIARIES

REUTERS TOP NEWS (Reporting by Berlin Speed Desk)

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