May 18, 2020 / 5:37 AM / 10 days ago

German stocks - Factors to watch on May 18

BERLIN/FRANKFURT, May 18 (Reuters) - The following are some of the factors that may move German stocks on Monday:

CORONAVIRUS

The number of confirmed coronavirus cases in Germany increased by 342 to 174,697, data from the Robert Koch Institute (RKI) for infectious diseases showed on Monday.

German Finance Minister Olaf Scholz is working on an aid package worth 57 billion euros ($61.65 billion) to help municipalities cope with a plunge in tax revenues caused by the coronavirus crisis, a finance ministry document showed on Saturday.

One in 10 German retailers and 6% of wholesalers face possible insolvency from extended closures to curb the coronavirus outbreak, a survey found, despite moves in recent days to unwind social distancing measures.

GRAND CITY PROPERTIES

The real estate firm cut its 2020 FFO I for to between 213-220 million euros ($230.42 - $238.00 million), from previously 220-226 million euros due to a 600 million euros bond issued in April 2020, first-quarter finalised disposals and postponed pipeline acquisitions.

DEUTSCHE TELEKOM

SoftBank Group Corp is in talks to sell “a significant portion” of its T-Mobile US stake to controlling shareholder Deutsche Telekom AG , the Wall Street Journal reported on Monday, citing unidentified sources.

VOLKSWAGEN

Volkswagen subsidiary Skoda is haltering deliveries of its new Ocatvia model after a software problem was found in some vehicles, Automobilwoche magazine reported on Sunday.

VW said on Friday it was halting deliveries of its Golf 8 model after problems were found in a software enabling emergency calls, a function required by E.U. regulations since 2018.

THYSSENKRUPP

The group is in talks with international peers about consolidating its loss-making steel business, a person familiar with the matter said.

DAIMLER

Daimler said on Friday it will idle its Mercedes-Benz sport utility vehicle assembly plant in Alabama next week because of a parts shortage.

WIRECARD

Shares in Wirecard fell to more than two-year lows on Friday after a Dubai-based business partner closed its doors even as the German payments company played down the impact on operations.

ADLER REAL ESTATE AG

Adler Real Estate said it expected no material impact from covid-19 on FFO in 2020.

ANNUAL GENERAL MEETINGS

KRONES AG - 0.75 eur/shr dividend proposed

EX-DIVIDEND

DMG MORI - 1.03 eur/shr dividend

ANALYSTS’ VIEWS

COMMERZBANK AG: CITIGROUP CUTS PRICE TARGET TO EUR 3.3 FROM EUR 3.5

GEA GROUP AG: CITIGROUP RAISES PRICE TARGET TO EUR 25 FROM EUR 21

CECONOMY AG: BARCLAYS CUTS TARGET PRICE TO EUR 2.6 FROM EUR 5.5

HUGO BOSS AG: CREDIT SUISSE CUTS TARGET PRICE TO EUR 25 FROM EUR 33

OVERSEAS STOCK MARKETS

Dow Jones +0.3%, S&P 500 +0.4%, Nasdaq +0.8% at close.

Nikkei +0.5%, Shanghai stocks +0.6%.

Time: 5:35 GMT

GERMAN ECONOMIC DATA

No major economic data scheduled.

DIARIES

REUTERS TOP NEWS ($1 = 0.9244 euros) (Reporting by Berlin Speed Desk and Frankfurt Newsroom)

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