BUSINESS German shares gain 0.72 pct at start of trading Monday

BUSINESS

German shares gain 0.72 pct at start of trading Monday

Xinhua

19:40, November 16, 2020

Two tourists wearing face masks rest by a table outside a cafe during the COVID-19 epidemic in Berlin, capital of Germany, Oct. 24, 2020. (Photo: Xinhua)

BERLIN, Nov. 16 (Xinhua) -- German stocks were off to a good start on Monday, with the benchmark DAX index rising by 93.8 points, or 0.72 percent, opening at 13,170.52 points.

The biggest winner among Germany's 30 largest listed companies at the start of trading was plastics specialist Covestro, increasing by 2.75 percent, followed by aircraft engine manufacturer MTU Aero Engines with 2.38 percent and Deutsche Bank with 2.28 percent.

On Monday, British investment bank Barclays lowered its price target for Covestro from 56 to 53 euros (from 66.28 to 62.73 U.S. dollars) but left the rating at "Overweight." Shares of the German plastic specialist were trading at around 45 euros (53.26 dollars) at the start of trading.

Shares of Henkel fell by 0.2 percent. The German consumer goods company was the biggest loser at the start of trading Monday.

The number of employees in Germany's important manufacturing sector in September decreased by 3 percent year on year to 5.5 million people, the country's Federal Statistical Office announced Monday.

The yield on German ten-year bonds went down 0.013 percentage points to minus 0.561 percent, and the euro was trading almost unchanged at 1.1842 dollars, increasing by 0.03 percent Monday morning. 

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