German stocks - Factors to watch on Sept 17
FRANKFURT, Sept 17 |
FRANKFURT, Sept 17 (Reuters) - The DAX top-30 index looked set to open 0.4 percent lower on Monday, according to premarket data from brokerage Lang & Schwarz at 0610 GMT.
The following are some of the factors that may move German stocks:
The company has requested a price hike for delivering standard letters in Germany to 0.58 euros from 0.55 euros from Jan 1, 2013, it said on Friday, in what would be the first rate increase for that size of letter in 15 years.
Indicated 2.4 percent lower
Deutsche Bahn Chief Executive Ruediger Grube has demanded that Thyssenkrupp provide information about its role in a rail track cartel within the next two weeks, German weekly newspaper Bild am Sonntag said.
Indicated 1.3 percent lower
Deutsche Bank should introduce a cap for top salaries, and staff do not need to earn double-digit million euro amounts, Werner Wenning, a member of Deutsche Bank's supervisory board, told Frankfurter Allgemeine Sonntagszeitung.
Separately the bank is trimming staff in the Middle East, Frankfurt and London as part of plans to axe jobs and cut costs.
European Commission president Jose Manuel Barroso distanced himself from the idea that German savings deposits could be used to fund European bank rescues, potentially diminishing one of the key objections in Germany toward a banking union in Europe.
Indicated 1.2 percent lower
Lufthansa's management will present a strategy update to the supervisory board on Wednesday including plans for a new European low-cost airline, WirtschaftsWoche said.
Separately, WirtschaftsWoche, citing unnamed sources, said strikes could have cost the German airline 100 million euros ($131.5 million) if the lost revenue from passengers who booked with rival airlines as a result of the actions was factored in.
Volkswagen indicated 0.7 percent lower
MAN indicated 0.5 percent lower
Volkswagen's commercial vehicles division expects a marked decline in demand from China compared with last year, and sees demand falling in Brazil and Europe, board member Leif Oestling told Frankfurter Allgemeine Zeitung.
Oestling further said that stalling profits at MAN could be countered by expanding its service and maintenance business.
Indicated 0.3 percent lower in Frankfurt
Franco-German aerospace and defence group EADS is prepared to offer Germany a veto right and job guarantees in a bid to gain political approval for a merger with Britain's BAE Systems, Financial Times Germany said, citing industry sources.
OVERSEAS STOCK MARKETS
Dow Jones +0.4 pct, S&P 500 +0.4 pct, Nasdaq +0.9 pct at Friday's close.
Tokyo markets were closed on Monday for a holiday.
EUROPEAN FACTORS TO WATCH
REUTERS TOP NEWS ($1 = 0.7606 euros) (Reporting by Edward Taylor and Harro ten Wolde)
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