June 17, 2019 / 5:06 AM / 5 months ago

German stocks - Factors to watch on June 17

BERLIN/FRANKFURT, June 17 (Reuters) - The following are some of the factors that may move German stocks on Monday:

ALLIANZ

The company closed its acquisition of a stake in New York’s second-tallest office tower for 342 million euros ($383.52 million) and an undisclosed amount of debt, increasing its footprint in the city’s fashionable Hudson Yards.

AIRBUS

Airbus sought on Friday to heighten anticipation surrounding a new longer-range version of its A321neo and hinted at new orders for its larger A330neo plane ahead of a Paris Airshow overshadowed by the grounding of Boeing’s 737 MAX.

BASF

Company expects to cut jobs in its administrative services, CEO Martin Brudermueller told FAZ newspaper in an interview, adding that once the planned divestitures of BASF’s pigment and construction chemicals units are achieved, he wanted to focus on organic growth.

DEUTSCHE BANK

Germany’s biggest lender is planning to overhaul its trading operations by creating a “bad bank” to hold tens of billions of euros of assets and shrinking or shutting its U.S. equity and trading businesses, the Financial Times reported on Sunday.

Lufthansa

The German airline lowered its full-year outlook late on Sunday to an adjusted EBIT of between 2.0 and 2.4 billion euros. It added that it also drew up a tax risk provision of 340 million euros in its H1 accounts.

DEUTSCHE TELEKOM

Deutsche Telekom’s U.S. unit T-Mobile Inc and Sprint are nearing regulatory approval for their planned merger, the New York Times reported, citing three sources close to the matter.

VOLKSWAGEN

Swedish pension fund AMF Pensionsfoersaekring AB has agreed to become a cornerstone investor in the planned listing of Volkswagen’s Traton unit and subscribe to 200 million euros worth of stock, the group said late on Friday.

Separately, workers at Volkswagen’s Tennessee assembly plant narrowly voted against union representation, dealing a fresh blow to the United Auto Workers’ efforts to unionize a foreign automaker’s plant in the U.S. South.

KNORR BREMSE

Company is looking for additional acquisition targets, mainly in areas linked to autonomous driving, CFO Ralph Heuwing told business weekly Euro am Sonntag.

ANNUAL GENERAL MEETINGS

QIAGEN - no dividend proposed

ANALYSTS’ VIEWS

CONTINENTAL - JP Morgan cuts to “underweight” from “neutral”

OVERSEAS STOCK MARKETS

Dow Jones -0.1 pct, S&P 500 -0.2 pct, Nasdaq -0.5 pct at close.

Nikkei +0.1 pct, Shanghai stocks -0.1 pct.

Time: 5:03 GMT.

GERMAN ECONOMIC DATA

No economic data scheduled.

DIARIES

REUTERS TOP NEWS ($1 = 0.8917 euros) (Reporting by Berlin Speed Desk and Frankfurt Newsroom)

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