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Sep 23, 2008
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German stocks - Factors to watch on Sept 23

By
Reuters
Published
Sep 23, 2008

FRANKFURT, Sept 23 (Reuters) - The DAX top-30 index .GDAXI looked set to open 0.6 percent lower on Tuesday, according to pre-market data from brokers at 0620 GMT.

The following are some of the factors that may move German stocks on Tuesday (share price indications at 0620 GMT):



ARCANDOR

Indicated 2.3 percent higher

Arcandor does not plan to sell its majority stake in travel company Thomas Cook to secure further financing.

Related news [AROG.DE-E]

BEIERSDORF

Indicated 1.1 percent lower

Beiersdorf is in talks with several seriously interested parties over the sale of its chemicals unit Bode but a company spokeswoman neither confirmed nor denied a report in German newspaper Hamburger Abendblatt, which said Air Liquide's subsidiary Schuelke & Mayr had offered 100 million euros for Bode.

Related news [BEIG.DE-E]

ESCADA

Indicated 6.9 percent lower

Escada reported Q3 EBITDA of 1.9 million euros, below market expectations, and forecast full fiscal year EBITDA of 23-26 million euros compared with market consensus of 38 million euros, according to Reuters Estimates.

Related news [ESCG.DE-E]

OVERSEAS STOCK MARKETS

Dow Jones .DJI -3.3 pct, S&P 500 .SPX -3.8 pct, Nasdaq .IXIC -4.2 pct.

Nikkei .N225 closed for Autumnal Equinox Day.

Shanghai Composite .SSEC -0.4 pct.

Hang Seng .HSI -2.7 pct.

SHORT SELLING

The world may be about to find out if short sellers really are the scoundrels they are accused of being for exacerbating the current financial crisis.

SOLAR POWER

Japan's Sanyo Electric said its solar cell operations will likely post a bigger profit in the year to March 2009 than its previous estimate, thanks to brisk demand in the first half.

INITIAL PUBLIC OFFERINGS

Railways operator Deutsche Bahn is expected to press ahead with its listing plans, even as wobbly markets unhinge other IPOs. The government hopes to raise at least 5 billion euros from the sale of a near-25 percent stake in Bahn's transport, logistics and services businesses in what would be Germany's biggest floatation in eight years.

GERMAN ECONOMIC DATA

Manufacturing PMI for September due at 0730 GMT; seen at 49.2, down from 49.7 in August.

Services PMI for September due at 0730 GMT; seen at 50.6, down from 51.4 in August.

ECONDE G7TODAY

European factors to watch [WATCH/EU]

Diaries [DE/DIA] [WEU/EQUITY]

Reuters TOP NEWS (Reporting by Eva Kuehnen and Peter Starck)

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