German shares virtually unchanged at start of trading Wednesday

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BERLIN, Oct. 7 (Xinhua) -- German stocks were virtually unchanged at the start of trading Wednesday, with the benchmark DAX index losing only 4.73 points, or 0.04 percent, opening at 12,901.29 points.

The biggest winner among Germany's largest 30 companies at the start of trading was plastics specialist Covestro, increasing 0.80 percent, followed by aircraft engine manufacturer MTU Aero Engines with 0.79 percent and stock exchange company Deutsche Boerse with 0.13 percent.

On Wednesday, U.S. investment bank Goldman Sachs left shares of Covestro on the bank's "Conviction Buy List" and slightly raised the price target for the German plastic specialist from 67 to 68 euros (78.79 to 79.96 U.S. dollars). Covestro was trading at around 45 euros (52.92 dollars) per share at early trading Wednesday.

Shares in Munich Re fell by 0.41 percent. The German reinsurer was the biggest loser at the start of trading Wednesday.

Germany's public expenditure grew by 8.6 percent year-on-year to 797.8 billion euros (938.1 billion dollars) in the first half of 2020. For the first time since 2012, taxes and other government revenues decreased year-on-year and were down 4.8 percent to 709.4 billion euros (834.2 billion dollars), the Federal Statistical Office (Destatis) announced Wednesday.

Production in Germany's industry in August decreased by 0.2 percent month-on-month and even shrank by 9.6 percent year-on-year, Destatis also announced Wednesday.

The yield on German ten-year bonds went down 0.010 percentage points to minus 0.517 percent, while the euro was trading almost unchanged at 1.1735 U.S. dollars, increasing by 0.02 percent on Wednesday morning. Enditem

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