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German stocks - Factors to watch on July 23
July 23, 2013 / 5:16 AM / 4 years ago

German stocks - Factors to watch on July 23

FRANKFURT, July 23 (Reuters) - The DAX top-30 index looked set to open 0.3 percent higher on Tuesday, according to premarket data from brokerage Lang & Schwarz at 0622 GMT.

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

SAP

Indicated 0.2 percent lower

The departure of co-CEO Jim Hagemann Snabe follows a power struggle within the company’s dual CEO structure, German business daily Handelsblatt reported, citing company sources.

Snabe said he was stepping down from management after a 20-year career at SAP, including three years as co-CEO, citing personal reasons.

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DEUTSCHE BANK

Indicated 0.6 percent higher

Deutsche Bank AG has poached UBS AG’s veteran head of investment banking in Thailand, Phumchai Kambhato, in a push to take advantage of Thai companies’ growing appetite for overseas deals, sources with knowledge of the matter said.

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TELEFONICA DEUTSCHLAND

Indication not available

Dutch telecoms group KPN will sell its German unit E-Plus to competitor Telefonica Deutschland for 5 billion euros ($6.6 billion) in cash and a 17.6 percent stake in the merged company.

Separately, Telefonica Deutschland said its second-quarter operating income before depreciation and amortisation (OIBDA) fell 7.2 percent to 294 million euros.

Related news and

CELESIO

Indicated 1.1 percent lower

German diversified holding company Franz Haniel & Cie, which holds little over half of Celesio, has hired JP Morgan to advise on the sale of a full or partial stake in the German drug distributor or a partnership with another company, Bloomberg reported, citing two people familiar with the matter.

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DIALOG SEMICONDUCTOR

Indicated 3.0 percent higher

The company said second-quarter net profit reached $2.1 million, below the average analyst forecast for $3.1 million.

Related news

ANNUAL GENERAL MEETINGS:

PROSIEBENSAT1 - proposed div 5.65 eur/shr

PRIME OFFICE REIT - proposed div 0.18 eur/shr

HEIDELBERGER DRUCK - no proposed div

OVERSEAS STOCK MARKETS

Dow Jones +0.01 pct, S&P 500 +0.2 pct, Nasdaq +0.4 pct at Monday’s close.

Nikkei +0.8 pct at Tuesday’s close.

EUROPEAN FACTORS TO WATCH

DIARIES

REUTERS TOP NEWS ($1 = 0.7580 euros) (Reporting by Christiaan Hetzner and Christoph Steitz)

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