German shares gain 0.97 pct at start of trading

Xinhua
24 Nov 2020, 17:00 GMT+10

BERLIN, Nov. 24 (Xinhua) -- German stocks were off to a good start on Tuesday, with the benchmark DAX index rising 127.45 points, or 0.97 percent, opening at 13,254.42 points.

The biggest winner among Germany's 30 largest listed companies at the start of trading was automotive supplier Continental, increasing by 2.45 percent, followed by online food delivery company Delivery Hero with 1.66 percent and chemical giant BASF with 1.58 percent.

Shares of Deutsche Wohnen fell by 0.39 percent. The German housing company was the biggest loser at the start of trading on Tuesday.

Germany's gross domestic product (GDP) offset a "large part of the massive decline in GDP recorded in the second quarter of 2020 due to the coronavirus pandemic," the country's Federal Statistical Office (Destatis) announced on Tuesday. Still, GDP was down 3.9 percent year-on-year, Destatis added.

On Tuesday, Germany's stock exchange operator Deutsche Boerse announced that the country's top DAX index, currently comprising 30 members, would be expanded by 10 members as of September 2021. In addition, Deutsche Boerse tightened its rules regarding company balance sheets and the regulation of financial statements.

The yield on German ten-year bonds went up 0.010 percentage points to minus 0.568 percent, and the euro was trading almost unchanged at 1.1840 U.S. dollars, increasing by 0.01 percent on Tuesday morning.

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