March 23, 2020 / 5:18 AM / 13 days ago

German stocks - Factors to watch on March 23

BERLIN/FRANKFURT, March 23 (Reuters) - The following are some of the factors that may move German stocks on Monday:

CORONAVIRUS

Germany is readying an emergency budget worth more than 150 billion euros to shore up jobs and businesses at risk from the economic impact of the coronavirus outbreak.

The European Commission said it had approved two state aid schemes to support the German economy amid the coronavirus epidemic.

Chancellor Angela Merkel went into quarantine after coming into contact with a coronavirus-infected doctor shortly after announcing more curbs on social interaction to slow the spread of the disease.

The German government is planning to change rules for annual general meetings so that companies can hold virtual events at which shareholders can vote, Handelsblatt reported.

Mainland China saw a drop in its daily tally of new coronavirus cases, reversing four straight days of gains, as the capital Beijing ramped up measures to contain the number of infections arriving from abroad.

VOLKSWAGEN

CEO Herbert Diess warned that the coronavirus crisis may force the company to keep its factories shut for longer than initially planned.

The company said it was joining other manufacturers around the world to explore using 3D printing to make hospital ventilators to combat the coronavirus.

BMW

The company said it will temporarily close its South Carolina plant for two weeks starting April 3.

AIRBUS

The planemaker announced new steps to bolster its financial position as a coronavirus pandemic cripples the travel industry, including the signing of a credit facility for 15 billion euros.

SOFTWARE AG

The group said it would postpone its annual general meeting due to the coronavirus pandemic, adding it would recommend a dividend of 0.76 euros per share.

THYSSENKRUPP

The sale of Thyssenkrupp’s elevator unit to a consortium led by Advent and Cinven is not under threat from the coronavirus crisis, the conglomerate’s CEO said in an internal staff letter.

BERTRANDT

The company, which offers development services to automakers, withdrew its guidance due to the coronavirus pandemic.

DEUTSCHE BETEILIGUNGS AG

DBAG said the coronavirus pandemic is having a negative impact on its portfolio companies and net asset value and withdrew its financial forecast.

ECKERT & ZIEGLER

The company said its sites in California and New York are exempt from closing orders but cautioned that the group’s economic performance will be affected by global governmental reactions to the coronavirus crisis.

HYPOPORT

Annual report due

INNOGY

Annual results due

TRATON

Annual results due

ANALYSTS’ VIEWS

BMW - JP Morgan raises to overweight from neutral

HELLA - JP Morgan raises to overweight from neutral

OVERSEAS STOCK MARKETS

Dow Jones -4.6%, S&P 500 -4.3%, Nasdaq -3.8% at close.

Nikkei +2.2%, Shanghai stocks -2.5%.

Time: 5:59 GMT

ECONOMY

No major German economic data scheduled

DIARIES

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

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