March 16, 2020 / 5:16 AM / 17 days ago

German stocks - Factors to watch on March 16

BERLIN/FRANKFURT, March 16 (Reuters) - The following are some of the factors that may move German stocks on Monday:

CORONAVIRUS

The U.S. Federal Reserve and global central banks moved aggressively to buttress a world economy unraveling rapidly amid the coronavirus pandemic, with the Fed slashing interest rates to near zero, pledging hundreds of billions of dollars in asset purchases and backstopping foreign authorities with the offer of cheap dollar financing.

Germany will temporarily introduce border controls on its frontiers with Austria, Switzerland, France, Luxembourg and Denmark from Monday, the government said as the country seeks to curb a rapid spread of coronavirus.

Berlin is trying to stop Washington from persuading a German company seeking a coronavirus vaccine to move its research to the United States, prompting German politicians to insist no country should have a monopoly on any future vaccine.

BAYER

The company has agreed on draft settlement terms with half a dozen law firms representing tens of thousands of plaintiffs alleging that its Roundup weedkiller causes cancer, the Wall Street Journal reported.

DAIMLER

The carmaker announced it would postpone its annual general meeting, originally due on April 1, over the coronavirus epidemic.

DEUTSCHE BANK

Deutsche Bank will operate globally in split teams from Monday in an effort to stem the spread of coronavirus, Germany’s largest lender said in an internal memo.

LUFTHANSA

The flagship carrier said it would scrap its annual dividend, slash its flight schedule further and is also considering a request for state aid to help it deal with the impact of the coronavirus outbreak.

Subsidiary Swiss International is taking half its fleet out of service and reducing working hours for flight personnel to help safeguard its finances during the coronavirus outbreak, it said.

Lufthansa said it had organised special flights for the coming days, to return 3,000-4,000 cruise passengers and holidaymakers to Germany, many of them from the Canary Islands and the Caribbean.

VOLKSWAGEN

The company is preparing to suspend operations at its manufacturing plant in Bratislava, it said, after Slovakia declared a state of emergency due to the coronavirus outbreak.

Porsche plans more models than previously reported on its PPE joint platform with sister company Audi, Automobilwoche reported.

OSRAM

AMS announced that it holds 23.4% of all Osram shares as a direct shareholding.

GRAND CITY PROPERTIES

2019 annual report due

ISRA VISION

The software company has canceled its annual general meeting due to the spread of the coronavirus. The AGM was due on Tuesday.

DRAEGERWERK

The medical gear maker said that the German government was buying 10,000 ventilators for respiratory care, its largest order ever.

LEONI

The company announced new restructuring measures and said it would not pay a dividend until restructured credit lines have been repaid.

TUI

The company announced it will suspend the vast majority of its travel operations, withdraw its 2020 guidance and apply for state aid guarantees to counter the impact of the coronavirus pandemic.

SALZGITTER

2019 results due

TALANX

2019 detailed results due. The company in February reported a record result of 923 million euros.

WACKER NEUSON

2019 annual report due

OVERSEAS STOCK MARKETS

Dow Jones +9.4%, S&P 500 +9.3%, Nasdaq +9.4% at close.

Nikkei -0.2%, Shanghai stocks -0.7%.

Time: 5:15 GMT

ECONOMY

* No major German economic data scheduled.

DIARIES

REUTERS TOP NEWS (Reporting by Berlin Speed Desk and Frankfurt Newsroom)

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