July 3, 2018 / 5:00 AM / 4 months ago

German stocks - Factors to watch on July 3

FRANKFURT, July 3 (Reuters) - The following are some of the factors that may move German stocks on Tuesday:

GERMAN COALITION

German Chancellor Angela Merkel’s conservatives settled a row over migration that threatened to topple her fragile governing coalition late on Monday evening after talks with her rebellious interior minister led him to drop his threat to resign.

ALLIANZ

Insurer Allianz said it would buy back up to 41.5 million shares with a value of as much at 1 billion euros ($1.16 billion).

COMMERZBANK

Societe Generale has agreed to buy Commerzbank’s equity markets and commodities business (EMC), strengthening its presence in areas such as derivatives while Commerzbank itself looks to sell off non-core assets.

E.ON, INNOGY

E.ON aims to start cooperation with Innogy even before the takeover of its networks and retail assets is completed, where possible under anti-trust rules, finance chief Marc Spieker told Boersen-Zeitung in an interview.

MERCK

Merck KGaA said it aimed to return to earnings growth its Performance Materials business, which makes liquid crystals for flat-screen TVs, after next year as it tackles tough competition from Chinese rivals.

Conference call “Strategy Update Performance Materials” due later on Tuesday.

THYSSENKRUPP

Three supervisory board members representing shareholders did not vote in favour of a planned European steel joint venture with Tata Steel, German daily Rheinische Post reported, citing company sources. Two of them voted against the deal and one of them abstained, it said.

EVOTEC

The group said its deal for an alliance with Sanofi on infectious disease treatment had closed.

GRENKE

The group hiked its forecast for full-year new business growth in the leasing segment to 18 to 22 percent from 16 to 20 percent as it reported second-quarter new business figures.

HOMES & HOLIDAY

Stock market debut in Munich due.

ANALYSTS’ VIEWS

OSRAM LICHT AG - Berenberg cuts to “hold” from “buy”, cuts target price to 40 from 67 euros

SOFTWARE AG - Berenberg starts with “hold” rating, price target 44 euros

SYMRISE - Liberum removes from “most preferred” list

ZOOPLUS - Liberum removes from “most preferred” list

HOLIDAYCHECK GROUP - Berenberg starts with “buy” rating, price target 4.60 euros

OVERSEAS STOCK MARKETS

Dow Jones +0.2 pct, S&P 500 +0.3 pct, Nasdaq +0.8 pct at close.

Nikkei -0.4 pct, Shanghai stocks +0.1 pct.

Time: 5.39 GMT.

GERMAN ECONOMIC DATA

No economic data scheduled.

DIARIES

REUTERS TOP NEWS ($1 = 0.8608 euros) (Reporting by Douglas Busvine and Maria Sheahan)

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