German shares almost unchanged at start of trading

Source: Xinhua| 2019-08-28 20:42:10|Editor: Shi Yinglun
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BERLIN, Aug. 28 (Xinhua) -- German stocks were almost unchanged at the start of trading on Wednesday, with the benchmark DAX index losing by 25.35 points, or 0.22 percent, opening at 11,705.38 points.

The euro also moved very little on Wednesday. In the morning local time, the European currency costs 1.1086 US dollars, about the same the previous evening.

The biggest winner among Germany's largest 30 companies at the start of trading was airliner Lufthansa, increasing 0.87 percent, followed by utility giant RWE with 0.35 percent and gas producer Linde with 0.09 percent.

Market participants are watching Deutsche Bank. On Tuesday, the Frankfurt money house announced in a statement to a U.S. appeals court that it had tax returns of U.S. President Donald Trump.

Deutsche Bank would have to hand these over if it were to comply with an earlier ruling on the issuance of financial documents.

Shares of SAP fell by 0.98 percent. The German software company was the biggest loser at the start of trading on Wednesday.

U.S. investment company Cambiar announced on Tuesday to have decreased its holdings in shares of SAP by 21.5 percent in the second quarter of 2019.

On Wednesday, the market research institute GfK published its index for consumer climate in Germany which fell to its lowest level in more than six years.

"Despite the economic headwind, the consumer climate remains stable at a good level," said Rolf Buerkl of the market research institute GfK on Wednesday.