German shares lose 1.18 pct at start of trading on Thursday

0 Comment(s)Print E-mail Xinhua, May 14, 2020
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BERLIN, May 14 (Xinhua) -- German stocks were off to a shaky start on Thursday, with the benchmark DAX index losing 124.62 points, or 1.18 percent, opening at 10,418.04 points.

The biggest winner among Germany's largest 30 companies at the start of trading was telecommunications company Deutsche Telekom, increasing by 0.55 percent, followed by utility RWE with 0.41 percent and dialysis specialist Fresenius Medical Care (FMC) with 0.22 percent.

On Thursday, utility RWE announced a "good start to the year", with adjusted EBITDA growing by about 19 percent to 1.3 billion euros (1.4 billion U.S. dollars) in the first quarter (Q1) year-on-year and confirmed its earnings forecast for the 2020 fiscal year.

"Thanks to our robust business model, we posted significant gains across all key earnings figures even in these challenging times," commented Markus Krebber, chief executive officer (CEO) of RWE.

On Thursday, Deutsche Telekom announced to have remained "stable in the coronavirus crisis," with adjusted EBITDA AL increasing by 10.2 percent year-on-year to 6.5 billion euros in Q1 while adjusted net profit grew by 8.5 percent to 1.3 billion euros.

Deutsche Telekom is an "anchor of stability in a global crisis," said CEO Tim Hoettges, adding that "our networks are working reliably as digital lifelines for society."

Shares of Deutsche Bank fell strongly by 3.50 percent, making Germany's largest bank the biggest loser at the start of trading on Thursday.

German media reported that the U.S. Federal Reserve criticized that Deutsche Bank would not meet the requirements of a "well-managed" bank. According to the report, there would be weaknesses in the fight against money laundering and in risk management.

Consumer prices in Germany in April increased by 0.9 percent year-on-year, resulting in an inflation rate of 0.9 percent, the German Federal Statistical Office (Destatis) announced on Thursday. In March, the inflation rate still stood at 1.4 percent.

The yield on German ten-year bonds went up 0.019 percentage points to minus 0.545 percent, and the euro was trading almost unchanged at 1.0816 U.S. dollars, decreasing slightly by 0.02 percent on Thursday morning. Enditem

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