March 2, 2020 / 5:18 AM / a month ago

German stocks - Factors to watch on March 2

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

CORONAVIRUS

Germany would be in a position to enact a fiscal stimulus package should the coronavirus spark a global economic crisis, Finance Minister Olaf Scholz said.

Germany’s ITB tourism fair has been cancelled due to the spread of the virus.

China’s central Hubei province, the epicentre of the country’s coronavirus outbreak, reported less than 200 cases of new infections for the first time since January.

LUFTHANSA

The airline will cut the number of short- and medium-haul flights by up to 25% and ground an equivalent of 23 long-haul aircraft due to the spread of the coronavirus. It is not possible to estimate the financial impact, Lufthansa said.

VOLKSWAGEN

Volkswagen said it has offered to buy out minority shareholders in premium brand Audi, via a so-called squeeze out offer. VW holds approximately 99.64% of the registered share capital of Audi AG.

VW’s trucks unit Traton will seek to squeeze out minority shareholders in MAN. Traton already owns a 94.36% stake in MAN.

THYSSENKRUPP

The consortium that won the bid to acquire Thyssenkrupp’s elevators division wants to spend billions of euros on expanding the business, a manager at one of three partners said.

Moody’s said the sale of the company’s elevators division is credit positive but cautioned that the company’s long-term viability depends on its ability to sustainably strengthen the operating performance of its remaining operations.

COMMERZBANK

Poland’s biggest oil refiner, PKN Orlen, has sued Commerzbank-owned mBank, along with Mastercard, Visa and another bank, for 636 million zlotys ($162 million) in damages relating to interchange fees charged in the mid-2000s, mBank said.

HOCHTIEF

The company’s Australian unit Cimic said its CPB Contractors won contracts worth A$237 million.

RHEINMETALL

2019 provisional results due. Q4 EBIT seen at 233.2 million euros. Poll:

ISRA VISION

Fiscal Q1 results due

OVERSEAS STOCK MARKETS

Dow Jones -1.4%, S&P 500 -0.8%, Nasdaq unchanged at close.

Nikkei +1.1%, Shanghai stocks +3.1%.

Time: 5:17 GMT

ECONOMY

* German February Markit manufacturing PMI due at 0855 GMT. Seen at 47.8

DIARIES

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

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