German shares lose 0.96 pct at start of trading Monday

Xinhua
22 Feb 2021, 17:25 GMT+10

BERLIN, Feb. 22 (Xinhua) -- German stocks were off to a shaky start on Monday, with the benchmark DAX index losing 134.67 points, or 0.96 percent, opening at 13,858.56 points.

The biggest winner among Germany's 30 largest listed companies at the start of trading was Deutsche Bank, increasing by 0.76 percent, followed by consumer goods company Beiersdorf and carmaker Volkswagen, declining the least by 0.14 and by 0.26 percent.

Shares of Continental fell by 3.74 percent. The German automotive supplier was the biggest loser at the start of trading Monday.

Production of Germany's industry declined by more than 10 percent in 2020 year-on-year, the country's Federal Statistical Office (Destatis) announced on Monday. The decline in the automotive sector was "particularly sharp" as car producers and related industries saw production fall 25 percent.

Also, Destatis said that China continued as Germany's most important trading partner in 2020 for the fifth consecutive year. Last year, the two countries traded goods worth 212.1 billion euros (about 256.8 billion U.S. dollars).

On Monday, the German ifo Institute for economic research is scheduled to publish its national business climate index. Last month, the sentiment among German companies worsened slightly, dropping from 92.2 points in December to 90.1 points in January.

The yield on German ten-year bonds went up 0.010 percentage points to minus 0.303 percent, and the euro was trading almost unchanged at 1.2123 dollars, decreasing by 0.03 percent on Monday morning.

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