German shares up 0.32 pct at start of trading Friday

Source: Xinhua| 2019-09-27 18:41:42|Editor: xuxin
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BERLIN, Sept. 27 (Xinhua) -- German stocks were up 0.32 percent at the start of trading on Friday, with the benchmark DAX index rising by 39.25 points and opening at 12,327.79 points.

The biggest winner among Germany's largest 30 companies at the start of trading was stock exchange company Deutsche Boerse, increasing 0.69 percent, followed by chemical giant BASF with 0.59 percent and sportswear manufacturer Adidas with 0.47 percent.

Shares of Infineon fell by 2.90 percent. The German chipmaker was the biggest loser at the start of trading on Friday.

German private bank Metzler downgraded Infineon shares from "Hold" to "Sell" and lowered its price target from 15 to 14 euros (16.38 to 15.29 U.S. dollars; currently 16.57 euros or 18.09 dollars per share).

Market expectations for the financial year 2020 would be overly optimistic, said Metzler analyst Holger Schmidt on Friday.

Infineon would be highly dependent on the customer markets in the industrial and automotive sectors, said Schmidt, adding that there would currently be no indications of a real upswing for either, at least not in the next two quarters.

The euro declined slightly by 0.03 percent on Friday morning local time, starting trading at 1.0915 U.S. dollars.

Germany's Commerzbank is scheduled to reveal further details on the bank's future strategy on Friday. The bank is planning to cut around 4,300 jobs while creating around 2,000 jobs in "strategic sectors," according to Commerzbank.

In April, merger talks between Commerzbank and Germany's largest bank Deutsche Bank failed.