German shares record upswing at start of trading on Friday

Source: Xinhua| 2019-10-11 18:29:09|Editor: Li Xia
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BERLIN, Oct. 11 (Xinhua) -- German stocks broke the week's horizontal trend and were off to a good start on Friday morning with the German benchmark index DAX rising by 84.68 points, or 0.7 percent, opening at 12,248.88 points.

The biggest winner among Germany's largest 30 companies at the start of trading was software company SAP, skyrocketing by nearly 7 percent, followed by Germany's largest bank Deutsche Bank with an increase by 0.4 percent.

During the night to Friday, SAP published its preliminary business figures for the third quarter of 2019. The German software company recorded "outstanding results" in the third quarter as total revenues were up 13 percent year-on-year and operating profits increased by 36 percent.

In addition, SAP announced the retirement of its long-time CEO Bill McDermott. SAP's executive board members Jennifer Morgan and Christian Klein have been appointed as co-chief executives to replace McDermott "immediately."

Shares of Adidas fell by 0.38 percent. The German sportswear manufacturer was the biggest loser in the DAX index at the start of trading on Friday.

The euro increased by 0.11 percent on Friday morning, trading at 1.1020 U.S. dollars.

Hugo Boss lowered its business guidance for the current year following a decline in profit during the third quarter of 2019, the German fashion company said on Friday.

Hugo Boss is expecting profits to only increase by a low single-digit percentage. Previously, the fashion company expected growth in a mid-single-digit percentage range.

Shares of Hugo Boss declined by more than 10 percent in the German top-60 index MDAX at the start of trading.

On Friday, the German Federal Statistical Office published the inflation numbers for Germany in September. The inflation rate declined again compared to the previous month and stood at 1.2 percent. In a year-on-year comparison the rate remained unchanged in September.

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