German shares see small gains at start of trading

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BERLIN, Sept. 10 (Xinhua) — German stocks were up slightly at the start of trading on Thursday, with the benchmark DAX index increasing 28.30 points, or 0.21 percent, opening at 13,265.51 points.

The biggest winner among Germany’s 30 largest listed companies at the start of trading was industrial gas producer Linde, increasing by 0.99 percent, followed by sportswear manufacturer Adidas with 0.67 percent and consumer goods company Henkel with 0.64 percent.

Shares in Covestro fell by 2.05 percent. The German plastics specialist was the biggest loser at the start of trading on Thursday after the Swiss bank UBS downgraded Covestro from “Neutral” to “Sell” but raised its price target from 37 to 39 euros.

According to UBS analyst Geoff Haire, the consensus estimates for 2021 seemed too ambitious and the chemical company’s share price had risen too quickly. Shares of Covestro were trading at around 42 euros on early Thursday.

Turnover in the German crafts sector in the second quarter decreased by 7.4 percent year-on-year the Federal Statistical Office announced on Thursday, noting that the coronavirus pandemic had caused the “first decrease in turnover in seven years.”

Germany’s official tax forecast for 2021 is set to be published on Thursday afternoon local time. According to this year’s tax estimate from May, tax revenues in Germany in 2020 are expected to fall to 717.8 billion euros (849 billion U.S. dollars) due to the effects of the COVID-19 pandemic.

The yield on German ten-year bonds went down 0.014 percentage points to minus 0.475 percent, while the euro was trading at 1.1805 U.S. dollars, decreasing slightly by 0.01 percent on Thursday morning. Enditem

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