November 8, 2019 / 6:17 AM / 11 days ago

German stocks - Factors to watch on November 8

BERLIN/FRANKFURT, Nov 8 (Reuters) - The following are some of the factors that may move German stocks on Friday:

CARKMAKER

The U.S. Justice Department has issued civil subpoenas to four major automakers, demanding that they disclose details on a deal struck with California in July to follow strict vehicle emissions standards, a source briefed on the matter said on Thursday.

VOLKSWAGEN

Trial production has started at Volkswagen AG’s (VW) and SAIC Motor Corp Ltd’s $2.5 billion electric vehicle (EV) factory in Shanghai, VW’s chief executive said on Friday, the latest development in the race to sell EVs in China.

DEUTSCHE BANK

Citigroup Inc and Deutsche Bank AG may cross-examine four antitrust investigators involved in a criminal cartel prosecution against them, an Australian court ruled on Friday, a win for the defence in a closely watched legal battle.

THYSSENKRUPP

Brazilian planemaker Embraer SA said on Thursday it had appointed ThyssenKrupp executive Antonio Carlos Garcia as chief financial officer.

Separately, Moody’s announced the completion of a periodic review of ratings of Thyssenkrupp.

JOST WERKE

The company adjusted its forecast for the fiscal year 2019 and now expects a slight decline in sales in the low single-digit percentage range compared to 2018.

UNIPER

Poland’s anti-monopoly authority said it would impose a significant fine on Friday as part of proceedings against Russia’s Gazprom and five European firms responsible for financing the planned Nord Stream 2 natural gas pipeline.

BAYER

The company said it had placed hybrid capital with a total volume of 1.75 billion euros. [placed hybrid capital with a total volume of 1.75 billion euros.]

ALLIANZ

German insurer Allianz on Friday posted a better than expected 0.6% rise in net profit in the third quarter from a year earlier and said 2019 operating profit would be in the upper half of its targeted range.

RHOEN KLINIKUM

The company said earnings before interest, taxes, depreciation and amortisation (EBITDA) dropped 4.9% to 97.5 miilion euros in the first nine months of 2019.

WIRECARD

Capital market day due.

DEUTSCHE PFANDBRIEFBANK

The bank raised its guidance for full year 2019 to a pre-tax profit between 205 and 215 million euros.

ANALYSTS’ VIEWS

SCOUT24 AG: JP Morgan cuts to “neutral” from “overweight”

OVERSEAS STOCK MARKETS

Dow Jones +0.7%, S&P 500 +0.3%, Nasdaq +0.3% at close.

Nikkei +0.2%, Shanghai stocks unchanged.

Time: 6:16 GMT

GERMAN ECONOMIC DATA

German September trade balance due at 0700 GMT. Exports seen +0.4%, imports unchanged, trade balance at 18.1 billion euros.

DIARIES

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

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