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German stocks - Factors to watch on October 17
October 17, 2012 / 5:16 AM / 5 years ago

German stocks - Factors to watch on October 17

FRANKFURT, Oct 17 (Reuters) - The DAX top-30 index looked set to open unchanged on Wednesday, according to premarket data from brokerage Lang & Schwarz at 0618 GMT.

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

DEUTSCHE BANK, COMMERZBANK

Deutsche indicated 0.4 percent lower

Commerzbank indicated unchanged

Deutsche Boerse’s chairman on Tuesday appealed for politicians to reconsider introducing a transaction tax, arguing it will punish financial market players without proving to be an effective policy tool for stopping bank failures.

Separately, Germany will extend its SoFFin bank rescue fund by two years until the end of 2014 to bridge a gap until a pan-European bank restructuring and supervision mechanism is in place, according to a draft law seen by Reuters.

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CONTINENTAL

Indicated 0.3 percent lower

Elmar Degenhart, CEO of the car parts supplier, said the market is getting tougher from quarter to quarter but confirmed a target to increase sales this year. He said he expects slight growth in cars and vans for next year.

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AURUBIS

Indicated 0.5 percent lower

Europe’s biggest copper smelter cut its copper products output this year in response to weaker demand, a company executive told Reuters in an interview on Tuesday.

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EADS

Indicated 0.3 percent higher in Frankfurt

The German government has not paid a 600 million euro tranche of a development loan for the company’s A350 aircraft, Handelsblatt reported, without citing sources. EADS had already considered foregoing the loan, according to reports from earlier this year.

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OVERSEAS STOCK MARKETS

Dow Jones up 1 pct, S&P 500 up 1 pct, Nasdaq up 1.2 pct at Tuesday’s close.

Nikkei closed up 1.2 pct.

IPO

Telefonica’s O2-branded German unit is due to hold a press conference on its planned initial public offering at 0830 GMT.

Separately, lighting company Hess cut the price range for its initial public offering to 15.50-18.50 euros and extended the subscription period until Oct. 23.

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ANALYSTS’ VIEWS

METRO AG - Kepler raises to “hold” from “reduce”

EUROPEAN FACTORS TO WATCH

DIARIES

REUTERS TOP NEWS (Reporting by Andreas Cremer and Victoria Bryan)

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