German shares lose 0.81 pct at start of trading on Wednesday

0 Comment(s)Print E-mail Xinhua, September 8, 2021
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BERLIN, Sept. 8 (Xinhua) -- German shares were off to a bad start on Wednesday, with the benchmark DAX index losing 128.49 points, or 0.81 percent, opening at 15,714.6 points.

The biggest winner among Germany's 30 largest listed companies was plastic specialist Covestro, up by 0.26 percent, followed by automotive supplier Continental with minus 0.04 percent and housing company Deutsche Wohnen with minus 0.08 percent.

On Wednesday, U.S. investment bank Goldman Sachs raised its price target for Covestro from 82 to 85 euros, keeping the company on its "conviction buy list." Shares of the German plastic specialist were trading at around 58 euros at the start of trading on Wednesday.

Shares of Siemens Energy fell by 5.09 percent. The German energy technology company was by some distance the biggest loser at the start of trading on Wednesday.

On Wednesday, J.P. Morgan lowered its price target for Siemens Energy from 30 to 29 euros and changed the rating from "overweight" to "neutral." Shares of the German company were trading at around 23 euros at the start of trading on Wednesday.

The yield on German ten-year bonds decreased 0.0255 percentage point to minus 0.3325 percent and the euro was trading almost unchanged at 1.1846 U.S. dollars, increasing by 0.01 percent on Wednesday morning. Enditem

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