October 8, 2018 / 4:51 AM / 10 days ago

German stocks - Factors to watch on Oct. 8

BERLIN, Oct 8 (Reuters) - The following are some of the factors that may move German stocks on Monday:

GERMAN GOVERNMENT

Senior German conservatives on Sunday backed Chancellor Angela Merkel’s bid for re-election as chairwoman of her Christian Democrats (CDU) at a party congress in December, lending her much needed support as in-fighting weakens her authority.

AUTOS

Daimler’s finance chief won’t seek to renew his contract when it expires in December 2019, the carmaker announced late Sunday. The announcement marks the latest senior management change at Daimler.

Also, Daimler on Friday said it will start building a battery plant as part of its planned $1 billion investment to upgrade its factory in Tuscaloosa, Alabama, which has also started to produce a new sports utility vehicle, the GLE.

Separately, Industry Commissioner Elzbieta Bienkowska said on Sunday that the European Commission fears that carmakers in Germany would seek to export old diesel cars removed from German streets under planned trade-off incentives to eastern European countries.

DEUTSCHE BANK

The Mifid II rules that aim to make European Union financial markets safer and more transparent are hitting 2018 revenue and profit at Deutsche Bank’s wealth management unit in Germany, according to Saturday’s Boersen-Zeitung.

RWE

Fitch Ratings has affirmed RWE AG’s Long-Term Issuer Default Rating (IDR) and senior unsecured rating at “BBB”, with a stable outlook, citing progress in the asset swap transaction with E.ON .

KNORR-BREMSE

German brake systems maker Knorr-Bremse is confident of a successful initial public offering, its chief executive said in an interview with Euro am Sonntag.

OVERSEAS STOCK MARKETS

Dow Jones -0.7 pct, S&P 500 -0.6 pct, Nasdaq -1.2 pct at close.

Japanese markets closed, Shanghai stocks -3 pct.

Time: 4.48 GMT.

GERMAN ECONOMIC DATA

German Industrial Output data due at 0600 GMT. Seen at +0.4 pct m/m.

DIARIES

REUTERS TOP NEWS (Reporting by Berlin Speed Desk)

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