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German stocks - Factors to watch on December 1
December 1, 2016 / 6:20 AM / a year ago

German stocks - Factors to watch on December 1

FRANKFURT, Dec 1 (Reuters) - The DAX top-30 index looked set to open 0.4 percent lower on Thursday, according to premarket data from brokerage Lang & Schwarz at 0735 GMT.

The following are some of the factors that may move German stocks:

CARMAKERS

BMW indicated 0.5 pct lower

Daimler 0.4 pct lower

No indication available

China will impose an extra 10 percent tax on super cars and other luxury models costing 1.3 million yuan ($188,588.92) and above, in a bid to rein in lavish spending and to reduce emissions, the ministry of finance has said.

The new tax rate will potentially affect pricing for top of the range models from carmakers like BMW, Daimler AG’s Mercedes-Benz and Audi AG.

Separately, BMW on Wednesday launched its 7 series sedans in Indonesia that will be assembled in the country as it seeks to tap into the long-term demand for luxury vehicles in Southeast Asia’s biggest economy.

LINDE

Indicated 0.6 pct higher

Praxair has made concessions to Linde in its fresh merger approach, including keeping the German group’s Munich facility as well as giving job guarantees, Sueddeutsche Zeitung reported, not citing where it obtained the information.

Separately, Linde Chairman Wolfgang Reitzle continues to be in favour of the deal, Handelsblatt reported, citing sources close to the supervisory board, concerned that Praxair might turn hostile otherwise.

LUFTHANSA

Indicated 0.4 pct lower

The German airline said around 40 flights would be cancelled on Thursday due to strike action.

VONOVIA

Indicated unchanged

Conwert’s boards are expected publish their final recommendation on a takeover offer by Vonovia.

SALZGITTER

Indicated 0.2 pct lower

Chief Executive Heinz Joerg Fuhrmann told German daily Handelsblatt the steel industry will feel the impact of anti-dumping measures for the next seven to ten years, and said Salzgitter will not seek to play an active role in industry consolidation.

OVERSEAS STOCK MARKETS

Dow Jones unchanged, S&P 500 -0.3 pct, Nasdaq -1.1 pct at Wednesday’s close.

Nikkei +1.1 pct, Shanghai stocks +0.7 pct.

Time: 0734 GMT.

GERMAN ECONOMIC DATA

German November Markit manufacturing PMI due at 0855 GMT. Seen unchanged at 54.4.

German October engineering/plant orders for October due at 0900 GMT.

EUROPEAN FACTORS TO WATCH

DIARIES

REUTERS TOP NEWS ($1 = 6.8933 Chinese yuan renminbi) (Reporting by Edward Taylor and Christoph Steitz)

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