Mon, 28 Sep 2020

BERLIN, Aug. 6 (Xinhua) -- German stocks were virtually unchanged at the start of trading on Thursday, with the benchmark DAX index falling by 4.3 points, or 0.03 percent, opening at 12,664.55 points.

The biggest winner among Germany's largest 30 companies at the start of trading was technology giant Siemens, increasing by 2.84 percent, followed by sportswear manufacturer Adidas with 2.17 percent and chemicals producer Covestro with 0.88 percent.

Siemens announced on Thursday that revenues in the third quarter of the fiscal year 2020 decreased by 5 percent year-on-year to 13.5 billion euros (16 billion U.S. dollars) while adjusted EBITA in Siemens' industrial business increased by 8 percent to 1.8 billion euros.

Sportswear manufacturer Adidas on Thursday announced that revenues in the second quarter decreased 35 percent year-on-year to 3.68 billion euros. "The past quarter brought unprecedented challenges for our business as large parts of the world were in lockdown," said Adidas CEO Kasper Rorsted.

Shares of Henkel fell by 1.84 percent. The German consumer goods company was the biggest loser at the start of trading on Thursday after announcing that sales in nominal terms in the first half of the year declined 6.0 percent year-on-year while operating profit was 27.5 percent below the prior year.

On Thursday, the Federal Statistical Office (Destatis) announced that new orders in German manufacturing in June increased by 27.9 percent on the previous month, but were still down 11.3 percent year-on-year.

The yield on German 10-year bonds went down 0.001 percentage points to minus 0.506 percent, and the euro was trading almost unchanged at 1.1866 U.S. dollars, declining by 0.02 percent on Thursday morning.

Sign up for Germany News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!