German shares lose 0.81 pct at start of trading on Wednesday

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BERLIN, March 24 (Xinhua) — German stocks were off to a shaky start on Wednesday, with the benchmark DAX index losing 118.44 points, or 0.81 percent, opening at 14,543.58 points.

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The biggest winner among Germany’s 30 largest listed companies at the start of trading was utility E.ON, increasing by 1.70 percent, followed by software company SAP with 0.35 percent and chipmaker Infineon with 0.22 percent.

On Wednesday, E.ON announced that adjusted EBIT increased by 17 percent year-on-year to 3.8 billion euros (4.5 billion U.S. dollars) in fiscal year 2020 as the COVID-19 pandemic “did not leave an enduring mark” on the German utility’s earnings.

Shares of BMW fell by 2.21 percent. The German carmaker was the biggest loser at the start of trading on Wednesday.

The German ifo Institute lowered its forecast for the German economy in 2021 from 4.2 percent to 3.7 percent. The coronavirus crisis was “dragging on” which was “pushing back the expected strong upswing,” ifo said.

The yield on German ten-year bonds went down 0.018 percentage point to minus 0.359 percent, and the euro was trading almost unchanged at 1.1852 U.S. dollars, increasing by 0.01 percent on Wednesday morning.


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