June 22, 2018 / 5:09 AM / 6 months ago

German stocks - Factors to watch on June 22

FRANKFURT/BERLIN, June 22 (Reuters) - The following are some of the factors that may move German stocks on Friday.

AUTOS

An increasingly shrill exchange of words between the United States and China that is threatening to trigger a global trade war has claimed another victim - Germany’s auto sector.

Luxury carmakers Daimler and BMW joined American farmers and Chinese solar panel and steel makers among the first casualties in what looks set to become a bitter trade war on a global scale of a kind not seen since the 1930s.

BEIERSDORF

Consumer goods group Beiersdorf, the maker of Nivea skin creams, said its Chief Executive Stefan Heidenreich would step down in the second board resignation this year in news that sent the company’s shares sharply lower.

DEUTSCHE BANK

The credit ratings agency Fitch on Thursday revised its outlook for Deutsche Bank to negative from stable amid concern’s about the bank’s restructuring and strategy, the latest blow to the German lender’s reputation.

DEUTSCHE BOERSE

Britain may bend the rules to defend London’s standing as an investment hub after leaving the European Union, the head of the company that runs the Frankfurt Stock Exchange warned, raising the stakes in a duel for post-Brexit financial supremacy.

DEUTSCHE TELEKOM

T-Systems, the lossmaking IT services arm of Germany’s Deutsche Telekom, plans to cut 10,000 jobs in a three-year drive to return to profitability, recently appointed CEO Adel Al-Saleh told staff.

SAP

SAP SE aims to double the size of its sales and marketing software business within two years, its top salesman told Reuters, throwing down the gauntlet to market leader Salesforce .

SIEMENS

German engineering group Siemens plans to trim the number of its industrial divisions to try to increase profitability, a person familiar with the matter said.

THYSSENKRUPP

Thyssenkrupp workers and a group representing some of the steelmaker’s investors offered its chief executive more time to finalise a planned joint venture deal with Tata Steel on Thursday.

VOLKSWAGEN

Proceeds of more than 6 billion euros ($6.9 bln) would flow to parent Volkswagen AG if it decides to list its truck and bus subsidiary, the division’s chief executive told Manager Magazin as he set out the company’s ambitions.

DEUTSCHE BETEILIGUNGS AG

Deutsche Beteiligungs AG says BaFin to assess breach of accounting rules for its full-year 2014/2015 financial statement.

HORNBACH HOLDING

Q1 results due.

ANNUAL GENERAL MEETINGS

SLM SOLUTIONS - no dividend proposed

EX-DIVIDEND

DEUTSCHE PFANDBRIEFBANK - 1.07 eur/shr dividend

SCOUT24 - 0.56 eur/shr dividend

SIXT - 4.00 eur/shr dividend

WIRECARD - 0.18 eur/shr dividend

ANALYSTS’ VIEWS

DAIMLER - Barclays cuts target price to EUR 73 to EUR 75

BMW - Barclays cuts target price to EUR 115 from EUR 116

OVERSEAS STOCK MARKETS

Dow Jones -0.8 pct, S&P 500 -0.6 pct, Nasdaq -0.9 pct at close.

Nikkei -0.9 pct, Shanghai stocks +0.3 pct.

Time: 5.05 GMT.

GERMAN ECONOMIC DATA

German June flash PMI due at 0830 GMT. Manufacturing PMI seen at 56.2 points vs 56.9, Services PMI unchanged at 52.1, Composite PMI at 53.4.

DIARIES

REUTERS TOP NEWS (Reporting by Douglas Busvine and Caroline Copley)

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