German Shares Gain 0.4 Pct At Start Of Trading Thursday

Faizan Hashmi Published October 01, 2020 | 08:41 PM

German stocks were off to a good start on Thursday, with the benchmark DAX index rising by 51.35 points, or 0.40 percent, opening at 12,812.08 points

GERMANY, (UrduPoint / Pakistan Point News - 1st Oct, 2020 ) :German stocks were off to a good start on Thursday, with the benchmark DAX index rising by 51.35 points, or 0.40 percent, opening at 12,812.08 points.

The biggest winner among Germany's largest 30 companies at the start of trading was chip-maker Infineon, increasing by 2.30 percent, followed by telecommunications company Deutsche Telekom with 1.99 percent and sportswear manufacturer Adidas with 1.70 percent.

Shares of Bayer fell by 9.41 percent. The German pharmaceutical giant was by some distance the biggest loser at the start of trading on Thursday.

On Wednesday after trading, Bayer announced additional cost saving measures amounting to 1.

5 billion Euros (1.76 billion U.S. dollars) annually by 2024 as "significant headwinds from the COVID-19 pandemic" hit the German company's agriculture business in particular.

Germany's municipalities recorded a financial deficit of 9.7 billion euros in the first half of 2020, the country's Federal Statistical Office announced on Thursday. In 2019, the deficit amounted to just below 0.3 billion euros.

The yield on German ten-year bonds went up 0.011 percentage points to minus 0.510 percent, and the euro was trading almost unchanged at 1.1723 U.S. Dollars, decreasing by 0.01 percent on Thursday morning.