June 23, 2020 / 5:02 AM / 15 days ago

German stocks - Factors to watch on June 23

BERLIN/FRANKFURT, June 23 (Reuters) - The following are some of the factors that may move German stocks on Tuesday:

CORONAVIRUS

Coronavirus cases are soaring in several major countries at the same time, with “worrying increases” in Latin America, especially Brazil, the World Health Organization said.

Germany reported 503 new coronavirus cases and 10 more deaths on Tuesday.

WIRECARD

The payments company, which is embroiled in an accounting scandal, must remedy any grievances, Economy Minister Peter Altmaier told bit.ly/2Vabnc1 t-online.de. "We have to take tough action where necessary," he said.

DEUTSCHE TELEKOM

SoftBank Group unveiled a series of transactions to divest more than $21 billion worth of stock in T-Mobile US as it seeks funding for a $41 billion share buyback and debt reduction plan.

VOLKSWAGEN

Its Mexican unit said about 2% of its workers tested for coronavirus had contracted the disease at some point, underlining the challenge faced by automakers in reopening factories before the pandemic has peaked in Mexico.

BAYER

A U.S. federal appeals court blocked California from requiring that Bayer label its glyphosate-based weed killer Roundup with a cancer warning, handing the company a victory in its ongoing litigation over the product.

BMW

Apple announced a new system that lets users share digital car keys with friends and family members via the company’s iMessage system, which will work with BMW’s new 5 Series vehicles.

LEG IMMOBILIEN

The company announced bit.ly/3dpkSul it is acquiring around 7,500 apartments in northern and southwestern Germany.

PROSIEBENSAT.1 MEDIA

KKR has raised its stake to 6.6%, the broadcaster said in a regulatory filing.

COMPUGROUP MEDICAL

The software company said bit.ly/3dwF65y it sold around 5.3 million shares at 64 euros ($72.08) each in an accelerated bookbuilding process and generated gross proceeds of around 341 million euros.

PFEIFFER VACUUM

The maker of pumps said it expects a decline in sales and operating result in the second quarter, citing global economic conditions.

KLOECKNER

The steelmaker said it expects a positive operating income in the second quarter as the impact of the coronavirus pandemic was mitigated more than expected.

RHOEN KLINIKUM

The hospital group said CEO Stephan Holzinger has resigned. "In view of the new majority situation and the new direction that is apparently associated with it, this is the best time for me to pass on the responsibility," Holzinger said bit.ly/2BwAgI9.

TUI

Bookings are currently at about 25% of normal capacity, Chief Executive Fritz Joussen told Frankfurter Allgemeine Zeitung.

PHARMA

Boehringer Ingelheim, a major shareholder in Hikma Pharmaceuticals, is exiting the London-listed drugmaker by selling most of its nearly one billion pound stake to institutional investors and the rest back to the company, Hikma said.

ANNUAL GENERAL MEETINGS

ZALANDO - no dividend proposed

ANALYSTS’ VIEWS

HEIDELBERGCEMENT - Societe Generale raises to ‘buy’ from ‘hold’

OVERSEAS STOCK MARKETS

Dow Jones +0.6%, S&P 500 +0.6%, Nasdaq +1.1% at close.

Nikkei +1.0%, Shanghai stocks +0.2%.

Time: 4:52 GMT

GERMAN ECONOMIC DATA

* German June flash Markit PMI due at 0730 GMT. Manufacturing seen at 41.5, services at 42.0, composite at 44.2

DIARIES

REUTERS TOP NEWS ($1 = 0.8879 euros) (Reporting by Berlin, Frankfurt and Gdansk newsrooms)

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