Tue, 09 Mar 2021

German shares open down 0.62 pct

18 Jan 2021, 20:44 GMT+10

BERLIN, Jan. 18 (Xinhua) -- German stocks were off to a shaky start on Monday, with the benchmark DAX index opening at 13,701.98 points, down 85.75 points or 0.62 percent.

The biggest winner among Germany's 30 largest listed companies at the start of trading was chipmaker Infineon, whose shares increased by 2.73 percent, followed by online food delivery company Delivery Hero up by 1.22 percent and sportswear manufacturer Adidas up by 0.71 percent.

On Monday, U.S. investment bank Goldman Sachs upgraded its rating for Infineon from "Neutral" to "Buy" and raised the price target from 27.5 euros (33.2 U.S. dollars) to 42.7 euros (51.5 dollars). Shares of the German chipmaker were trading at around 35 euros (42.4 dollars) at the start of trading.

Shares of Continental fell by 1.02 percent, making the German automotive supplier the biggest loser as the trading day began.

The turnover of Germany's accommodation and food services in 2020 is expected to decline 36 percent compared with the previous year, the country's Federal Statistical Office said Monday.

The yield on German 10-year bonds went down 0.009 percentage points to minus 0.551 percent, and the euro was trading almost unchanged at 1.2083 U.S. dollars, up by 0.02 percent on Monday morning.

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