March 13, 2020 / 5:29 AM / 16 days ago

German stocks - Factors to watch on March 13

BERLIN/FRANKFURT, March 13 (Reuters) - The following are some of the factors that may move German stocks on Friday:

CORONAVIRUS

The coronavirus crisis is proving more of an extraordinary situation than the banking crisis, Chancellor Angela Merkel said, adding that her government’s focus now was not how its budget works out.

Governments and central banks readied more emergency measures to tackle the economic impacts of the coronavirus as Asian markets suffered their worst weekly crashes since the 2008 financial crisis.

The number of confirmed coronavirus cases in Germany has risen to 2,369, the Robert Koch Institute said.

Singapore will deny from Monday entry or transit to visitors who have been in Italy, France, Spain or Germany in the last 14 days, as part of measures to control the fast-spreading coronavirus, the health ministry said.

DEUTSCHE BANK

Deutsche Bank’s top executives sought to assure employees and investors over its ability to weather the coronavirus as shares in the German lender hit a new low amid a wider stock market sell-off.

LUFTHANSA

The carrier Lufthansa said that it would continue to offer flights to the U.S. despite travel curbs by the U.S. administration.

Lufthansa has been forced by the coronavirus epidemic to halt the sale of the international operations of its airline caterer LSG, the company said, confirming an earlier Reuters report.

Airlines appealed for urgent government financial support as U.S. carriers rushed to cut flights to Europe in the wake of new travel restrictions aimed at combating the coronavirus outbreak.

VOLKSWAGEN

Tesla has a 10-year start on rivals when it comes to building electric cars and software, Thomas Ulbrich, the Volkswagen brand’s board member for electromobility said.

Sports car maker Lamborghini is halting production for nearly two weeks as parent Volkswagen looks to limit the impact on its operations from the coronavirus epidemic, Bloomberg reported.

WIRECARD

The company said auditing firm KPMG did not find any discrepancies in its audit of the company’s operations in India and Singapore as well as the Merchant Cash Advance and Digital Lending division.

AIRBUS

The company welcomed a move by Washington state to remove what it called “illegal subsidies” to Boeing, but said the U.S. planemaker had received billions of dollars in other subsidies and tax breaks.

FRAG.DE

2019 results due

PROSIEBENSAT.1

The media company said a group of Czech and Slovak investors had almost doubled their stake in the company.

RTL

2019 results due

OVERSEAS STOCK MARKETS

Dow Jones -10%, S&P 500 -9.5%, Nasdaq -9.4% at close.

Nikkei -3.7%, Shanghai stocks -1.4%.

Time: 5:26 GMT

ECONOMY

* German February final CPI due at 0700 GMT

DIARIES

REUTERS TOP NEWS (Reporting by Berlin Speed Desk and Frankfurt Newsroom)

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