October 19, 2016 / 5:15 AM / 9 months ago

German stocks - Factors to watch on October 19

3 Min Read

FRANKFURT, Oct 19 (Reuters) - The DAX top-30 index looked set to open 0.5 percent higher on Wednesday, according to premarket data from brokerage Lang & Schwarz at 0626 GMT. The following are some of the factors that may move German stocks:

Utilities

E.ON indicated 0.8 percent higher

RWE indicated 0.6 percent higher

ENBW - no indication available

German cabinet due to approve legislation under which Germany's leading utilities will start contributing next year to a 23.6 billion euro ($26.4 billion) fund as a condition for shifting liability for nuclear waste storage to the government.

Airbus

No indication available

German prosecutors have dropped an investigation into the group's defence unit over alleged corruption linked to contracts with Saudi Arabia and Romania, newspaper Die Welt reported.

The Munich prosecutor's office said that no proof for the allegations, brought forward in December 2014, were found.

Deutsche Telekom

Indicated 0.1 percent higher

Greek lawmakers agreed on Tuesday to remove parliament's right to veto any change in a shareholders' agreement controlling telecoms group OTE, paving the way for the state's sale of a 5 percent stake worth some 200 million euros ($220 million).

Lufthansa

Indicated 0.5 percent lower

German flagship carrier Lufthansa said on Tuesday it had banned Samsung's Galaxy Note 7 mobile phones from all of its flights with immediate effect.

Volkswagen

Indicated 0.2 percent higher

A federal judge in San Francisco on Tuesday said he was "strongly inclined" to approve a record-setting $10.033 billion proposed buyback and compensation offer from VW for 475,000 owners of polluting 2.0-liter diesel vehicles.

Volkswagen suppliers seem keen to avoid more disputes with the company even as they face growing pressure from Europe's largest automaker to accept price cuts.

Separately, the head of Volkswagen's subsidiary Audi, Rupert Stadler, told newspaper Heilbronner Stimme that a decision over the production site of the company's new electric cars hasn't been determined yet.

Separately, Handelsblatt reported that Volkswagen has only retrofitted a small amount of cars effected by the company's diesel scandal in Germany. Out of 2,555,880 cars, only around 240,000 vehicles, or about 10 percent, have been remodelled.

Metro

Indicated 0.9 percent higher

Metro reported a 0.5 percent decline to 14.2 billion euros ($15.59 billion) in fourth-quarter sales, slightly below a Reuters consensus for 14.29 billion euros. Poll:

Zalando

Indicated 4.8 percent higher

Online fashion group Zalando raised its outlook for full-year adjusted EBIT margin after reporting revenue growth in the third quarter.

Overseas Stock Markets

Dow Jones +0.4 pct, S&P 500 +0.6 pct, Nasdaq +0.9 pct at close.

Nikkei +0.1 pct, Shanghai stocks unchanged.

Time: 5.36 GMT.

German Economic Data

No economic data scheduled.

European Factors to Watch

Diaries

REUTERS TOP NEWS ($1 = 0.9108 euros) (Reporting by Tina Bellon)

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