BERLIN/FRANKFURT, July 6 (Reuters) - The following are some of the factors that may move German stocks on Monday:
The number of confirmed coronavirus cases in Germany increased by 219 to 196,554, data from the Robert Koch Institute (RKI) for infectious diseases showed on Monday.
Germany’s economy may recover from October onwards from the coronavirus pandemic, Economy Minister Peter Altmaier said in a newspaper interview on Sunday.
Interior minister Horst Seehofer said he would back free corona tests for all citizens, agreeing with Bavaria state’s approval for universal testing last Tuesday. This is in contrast to the national strategy to only test people with symptoms or those in targeted regions.
There are no plans for the easing of rules requiring the wearing of masks in Germany’s most populous state of North Rhine Westphalia, a spokeswoman for the state’s health ministry said in the Rheinische Post newspaper’s Monday edition.
Labour unions in North Germany said on Friday that 3,380 jobs may go at Airbus sites in Hamburg, Bremen and Stade and 1,860 at subsidiary Premium Aerotec. They have called for mass demonstrations on Wednesday.
The coronavirus has slowed down Deutsche Bank’s job cuts but it is still on track to reach its financial targets this year, the Financial Times cited the lender’s chief financial officer as saying.
Commerzbank’s chairman and chief executive stepped down on Friday, bowing to demands from top shareholder Cerberus that the German lender change its strategy to stop a downward spiral in its financial performance.
Sources close to the situation told Reuters on Sunday that Stefan Schmittmann and Martin Zielke had been under pressure from activist investors to axe jobs and decided to go first after a clash with unions.
Cyprus’s securities regulator on Friday imposed a 650,000 euro ($730,795.00) fine on Commerzbank for transactions ordered by a now defunct local bank whose demise featured in a financial crisis which roiled the country in 2013.
The German government is fully committed to its engagement with Commerzbank CBKG.DE, the Finance Ministry said after the lender’s chief executive and the head of its supervisory board offered to resign after a difficult year for the bank.
Daimler will seek to sell its factory in Hambach, France, as part of an overhaul of its production system, the German carmaker said on Friday, prompting France’s finance minister to urge the company to reconsider.
Chief executive Rolf Martin Schmitz in an interview published by Handelsblatt online on Sunday reiterated the importance of hydrogen for the company’s future strategy as Germany’s biggest power producer transforms towards a renewable energy provider. Schmitz said hydrogen would become “a big deal” in RWE’s production and trading.
The takeover by unlisted Asklepios can probably be implemented in the coming week after the time for all Rhoen shareholders to accept the offer has ended on July 6, Asklepios chief executive Kai Hankeln told Frankfurter Allgemeine Sonntagszeitung (FAS) in an interview.
Siemens saw the volume of business contract by as much as 20% in the three months to June, and activity in 2021 would stay below 2019 levels, its chief financial officer Ralf Thomas told Boersenzeitung (BoeZ) on Saturday.
The German carmaker is investing about 1 billion euros ($1.13 billion) to retool its factory in Emden for electric cars, newspaper Handelsblatt reported. It said the transition period was likely to take several years.
Finance minister Olaf Scholz said in FAS he was planning to give financial watchdog BaFin more power in response to the Wirecard fraud scandal.
Wirecard’s core business in Europe and the Americas has been lossmaking for years, the Financial Times reported, citing data from a special KPMG audit.
Immigration records showing Wirecard’s former chief operating officer Jan Marsalek arrived in the Philippines on June 23 and departed for China the next day were falsified, Philippines Justice Secretary Menardo Guevarra said on Saturday.
Zooplus on Saturday raised its 2020 forecast target, expecting sales to grow by 225 million euros this year compared to 2019.
DEUTSCHE POST AG: JP MORGAN RAISES TARGET PRICE TO EUR 40.51 FROM EUR 33.08
SYMRISE AG: CREDIT SUISSE RAISES TARGET PRICE TO EUR 102 FROM EUR 96
WACKER CHEMIE AG: CREDIT SUISSE RAISES TARGET PRICE TO EUR 71 FROM EUR 58
US markets closed.
Nikkei +1.6%, Shanghai stocks +4.2%.
Time: 4:20 GMT
German May industrial orders due at about 0600 GMT. Seen +15.0% m/m.
REUTERS TOP NEWS ($1 = 0.8864 euros) (Reporting by Berlin, Frankfurt and Gdansk newsrooms)