Thu, 26 Nov 2020

BERLIN, Oct. 30 (Xinhua) -- German stocks were off to a shaky start on Friday, with the benchmark DAX index losing 125.46 points, or 1.08 percent, opening at 11,472.61 points.

The least decreasing company among Germany's 30 largest companies at the start of trading was utility RWE, decreasing by minus 0.06 percent, followed by dialysis specialist Fresenius Medical Care with minus 0.09 percent and reinsurer Munich Re with 0.35 percent.

Shares of HeidelbergCement fell by 2.47 percent. The German building materials company was the biggest loser at the start of trading on Friday.

After trading on Thursday, automotive supplier Continental announced that the German company's chief executive officer Elmar Degenhart resigned from his position from Nov. 30 after more than 11 years in office due to health issues.

Germany's Minister for Economic Affairs and Energy Peter Altmaier is scheduled to present a forecast for the country's economic development for 2020 on Friday. Prior to the presentation, Altmaier warned of the negative effects of "enormous and strong increase in the number of infections."

German gross domestic product rose by 8.2 percent in the third quarter of 2020 compared to the previous quarter, but was still down 4.3 percent year-on-year, the Federal Statistical Office (Destatis) announced on Friday.

The yield on German 10-year bonds went up 0.014 percentage points to minus 0.624 percent, and the euro was trading almost unchanged at 1.1672 U.S. dollars, increasing by 0.01 percent on Friday morning.

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