July 2, 2018 / 4:58 AM / 4 months ago

German stocks - Factors to watch on July 2

FRANKFURT/BERLIN, July 2 (Reuters) - The following are some of the factors that may move German stocks on Monday:

GERMAN GOVERNMENT

German Interior Minister Horst Seehofer offered his resignation to party colleagues late on Sunday, party officials said, escalating a row over migration with Chancellor Angela Merkel that threatens her fragile government.

AUTOS

Germany is not ruling out further recalls of cars as it continues to check the car industry for illegal software, transport minister Andreas Scheuer told Handelsblatt.

BASF

Russian energy giant Gazprom will still be able to finance the Nord Stream 2 gas pipeline project even if U.S. sanctions are imposed on Western European partners in the project, an executive told Welt am Sonntag.

BMW

U.S. tariffs on imported cars could lead BMW to reduce investment and cut jobs in the United States due to the large number of cars it exports from its South Caroline plant, the German carmaker warned.

HENKEL

The company’s CEO Hans van Bylen was quoted as saying by Frankfurter Allgemeine Sonntagszeitung that a sale of the cosmetics division is not under consideration, while supervisory board head Simone Bagel-Trah said the company could make acquisitions of over 1 billion euros.

LUFTHANSA

There were 20 percent more flights to the popular holiday island of Mallorca from Germany in June this year compared to last June, according to a DLR study for Rheinische Post, with airlines more than compensating for the collapse of Air Berlin, which was famous for its flights to the island.

THYSSENKRUPP

Thyssenkrupp and Tata Steel signed a final agreement on Saturday to establish a long-expected steel joint venture, the European steel industry’s biggest shake-up in more than a decade.

Major shareholder Cevian called for further restructuring of the German conglomerate on Sunday, saying that with the right strategic decisions and world-class execution, Thyssenkrupp could be valued at the equivalent of 50 euros per share.

Tata Steel Ltd’s shares rise as much as 3.3 pct to 586.50 rupees, their highest since June 12.

VOLKSWAGEN

A German court has ordered auto maker Volkswagen AG’s truck unit to pay 300 million euros ($350 million) to shareholders in MAN SE, ending a long-running court battle over its buyout offer.

Separately, CEO Herbert Diess told Bild am Sonntag the arrest of Audi head Rupert Stadler was a shock and hard to comprehend.

CECONOMY

German independent telecoms company Freenet will acquire 9 percent of Ceconomy via a rights issue, the companies said on Friday, helping the consumer electronics retailer bolster its balance sheet after a Russian deal.

METRO

Metro, Auchan, Casino and Schiever on Friday announced a new cooperation in purchasing.

RTL

RTL Deutschland’s channels had a combined market share of 24.8 percent of 14-59 year old viewers in June, RTL said on Sunday. Its flagship RTL channel had a market share of 9 percent, behind ZDF and ARD.

ANALYSTS’ VIEWS

INFINEON - Barclays cuts to underwe3ight from equal weight, cuts target price by 17 percent to 20 euros.

DELIVERY HERO - Morgan Stanley raises target price to 55 euros from 39 euros.

OVERSEAS STOCK MARKETS

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

Nikkei -1.3 pct, Shanghai stocks -1.1 pct.

Time: 4.57 GMT.

GERMAN ECONOMIC DATA

German June Markit manufacturing PMI. Seen flat at 55.9 points.

DIARIES

REUTERS TOP NEWS (Reporting by Douglas Busvine, Victoria Bryan and Tom Sims)

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