German shares almost unchanged at the start of trading on Wednesday
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E-mail Xinhua, July 29, 2020
BERLIN, July 29 (Xinhua) -- German stocks were almost unchanged at the start of trading on Wednesday, with the benchmark DAX index decreasing by 15.65 points, or 0.12 percent, opening at 12,819.63 points.
The biggest winner among Germany's 30 largest listed companies at the start of trading was Deutsche bank, increasing by 3.3 percent, followed by financial service provider Wirecard with 3.19 percent and housing company Deutsche Wohnen with 1.49 percent.
On Wednesday, Deutsche Bank announced a net profit of 61 million euros (71.7 million U.S. dollars) in the second quarter of 2020 following losses of 3.1 billion euros (3.64 billion U.S. dollars) due to "transformation-related effects" in the same quarter last year.
"In a challenging environment we grew revenues and continued to reduce costs, and we are fully on track to meet all our targets," said Christian Sewing, chief executive officer (CEO) of Deutsche Bank.
Shares of BASF fell by 3.88 percent. The German chemical giant was by some distance the biggest loser at the start of trading on Wednesday.
On Wednesday, BASF announced that EBIT before special items in the second quarter plummeted by 77 percent year-on-year to 226 million euros (265 million U.S. dollars) due to "weaker demand as a result of the coronavirus pandemic."
The COVID-19 pandemic remained a "huge challenge for all of us," said Martin Brudermueller, chairman of the board of executive directors of BASF. Due to lower demand in August and the seasonality of the agricultural business, the company did not expect EBIT to "improve significantly" in the third quarter.
The Federal Statistical Office (Destatis) announced on Wednesday that the index of import prices in June decreased by 5.1 percent year on year. German export prices only fell by 1.0 percent at the same time.
The yield on German ten-year bonds went down 0.010 percentage points to minus 0.521 percent, and the euro was trading almost unchanged at 1.1724 U.S. dollars, decreasing 0.01 percent on Wednesday morning. Enditem
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