May 28, 2018 / 5:18 AM / 5 months ago

German stocks - Factors to watch on May 28

FRANKFURT/BERLIN, May 28 (Reuters) - The following are some of the factors that may move German stocks on Monday:

GERMAN INDUSTRY

Saudi Crown Prince Mohammed bin Salman has ordered that no more government contracts be awarded to German companies, in a sign of continued irritation over Berlin’s foreign policy in the Middle East, German magazine Der Spiegel reported on Friday.

BAYER

Bayer was said to win a U.S. antitrust nod for Monsanto next week, Bloomberg News reported citing a source.

BMW

BMW does not expect a repeat of an error by which the wrong engine software was installed in its cars earlier this year, management board member Markus Duesmann told Automobilwoche.

DAIMLER

German Transport Minister Andreas Scheuer has summoned Daimler CEO Dieter Zetsche to a meeting on Monday after a regulator discovered engine management software which is said to breach regulations.

Mercedes is probing 120,000 cars to see if they have been fitted with potentially illegal engine management software.

DEUTSCHE BANK

Deutsche Bank will cut more than 100 jobs in Asia as part of a pledge to slash at least 7,000 jobs.

Germany’s Handelsblatt said Deutsche will also cut 10 to 15 percent of jobs at its Postbank divisional hedquarters.

DEUTSCHE POST

Deutsche Post DHL plans to raise the postage price for domestic letters to 0.80 euros from 0.70 euros from 2019, Bild am Sonntag reported.

DEUTSCHE TELEKOM

T-Mobile US said it is getting advice on its proposed $26 billion merger with Sprint Corp from a lobbying firm whose staff includes several members of President Donald Trump’s election team such as former campaign manager Corey Lewandowski.

VOLKSWAGEN

The carmaker plans to reinstate its chief lobbyist, Thomas Steg, who was suspended while the company investigated his role in tests that exposed monkeys and humans to toxic diesel fumes, a German newspaper reported on Friday.

Separately, Automobilwoche reported that Volkswagen will need to develop a software update for the 2.0-TDI engine found in certain Passat models because the engine warning lamp may light up even if there is no problem with the engine.

Audi CEO Rupert Stadler said the diesel emissions affair was not over and promised to stay at the helm of the German luxury car maker, according to an interview in Augsburger Allgemeine.

Separately, DPA cited a VW staff magazine as saying that the core VW brand expects production bottlenecks from August due to the switch to WLTP lab tests.

EX-DIVIDEND

BAYER - 2.80 eur/shr dividend

TLG IMMOBILIEN - 0.82 eur/shr dividend

OVERSEAS STOCK MARKETS

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

Nikkei unchanged, Shanghai stocks +0.1 pct.

Time: 5.13 GMT.

GERMAN ECONOMIC DATA

No economic data scheduled.

DIARIES

REUTERS TOP NEWS (Reporting by Tom Sims, Maria Sheahan and Victoria Bryan)

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