June 24, 2019 / 5:15 AM / 25 days ago

German stocks - Factors to watch on June 24

BERLIN/FRANKFURT, June 24 (Reuters) - The following are some of the factors that may move German stocks on Monday:

BEIERSDORF

The maker of Nivea is on the lookout for acquisition targets, its finance chief said in an interview in Saturday’s Boersen-Zeitung.

BMW

The automaker wants to have 25 electric cars on offer in 2023, two years earlier than previously planned, according to Frankfurter Allgemeine Zeitung.

DAIMLER

Daimler cut its 2019 earnings outlook on Sunday after lifting provisions for issues related to its diesel vehicles by hundreds of millions of euros.

Separately, Daimler must recall 60,000 Mercedes diesel cars in Germany after regulators found that they were fitted with software aimed at distorting emissions tests, the Transportation Ministry said on Saturday.

DEUTSCHE BANK

U.S. regulators have sought explanation from Deutsche Bank about its “bad bank” proposal and its impact on U.S. operations at the loss-making German lender, the Financial Times reported on Monday.

Separately, the bank on Saturday announced the results of the Federal Reserve’s 2019 Dodd-Frank Act Stress Tests for DB USA corporation.

DEUTSCHE LUFTHANSA

Capital Market Day due.

Separately, the airline will speed up cost cutting to try to boost productivity at its low-cost Eurowings subsidiary as it battles to defend market share in a competitive European market, Chief Executive Carsten Spohr said.

RWE

The utility is tallying the economic loss after environmental activists entered and occupied its Garzweiler open-pit lignite mine over the weekend, it said on Sunday.

VOLKSWAGEN

The automaker is leaning toward Turkey for the location of a new production facility, Handelsblatt reported on Sunday.

DEUTSCHE WOHNEN

The group on Saturday said that it will not implement rent rises after modernisation “if this will result in the annual gross warm rent for a needs-based residential unit exceeding 30 per cent of the annual net income of a tenant and the people living in their household”.

METRO

EP Global Commerce, an acquisition vehicle owned by Czech and Slovak investors, is making a takeover offer for the German retailer Metro that values the company at 5.8 billion euros ($6.6 billion), it said on Friday.

Metro said that the unsolicited offer substantially undervalues it and advised shareholders on Sunday to hold off on taking action until management comments further.

MORPHOSYS

Morphsys on Saturday said it had presented data from primary analysis of the ongoing single-arm phase 2 clinical trial known as L-MIND in an oral presentation.

ADO PROPERTIES

Ado Properties on Friday said it had Appointed Ran Laufer As Chief Executive Officer.

INDEX CHANGES AS OF June 24:

Deutsche Boerse announced changes to its selection indices, which will become effective on June 24.

The constituents of the indices DAX and TecDAX remain unchanged.

SDAX

IN: ECKERT & ZIEGLER STRAHLEN- UND MEDIZINTECHNIK AG , WACKER CHEMIE

OVERSEAS STOCK MARKETS

Dow Jones -0.1 pct, S&P 500 -0.1 pct, Nasdaq -0.2 pct at close.

Nikkei +0.1 pct, Shanghai stocks -0.1 pct.

Time: 5:11 GMT.

GERMAN ECONOMIC DATA

German Ifo business climate for June due at 0800 GMT. Business climate seen at 97.2, current conditions at 100.2, expectations at 94.5 points.

DIARIES

REUTERS TOP NEWS ($1 = 0.8791 euros) (Reporting by Berlin Speed Desk and Frankfurt Newsroom)

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