German shares solidify week's gains at start of Wednesday trading

Source: Xinhua| 2019-11-06 18:36:01|Editor: Shi Yinglun
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BERLIN, Nov. 6 (Xinhua) -- German stocks solidified their gains from the beginning of the week and were almost unchanged at the start of trading on Wednesday, with the benchmark DAX index rising by 2.44 points, or 0.02 percent, opening at 13,150.94 points.

The biggest winner among Germany's largest 30 companies at the start of trading was sportswear manufacturer Adidas, increasing 1.77 percent, followed by automotive supplier Continental with 0.80 percent and Germany's largest airline Lufthansa with 0.41 percent.

Adidas published its business result for the third quarter (Q3) on Wednesday morning local time. Turnover of the German sportswear manufacturer increased by 6 percent year-on-year to a total of 6.4 billion euros (7.1 billion U.S. dollars) in Q3 and Adidas saw itself "on track for another record year."

Shortly after trading started, however, shares of Adidas declined by around 2 percent and were among the biggest losers in the DAX index on Wednesday morning local time.

Shares of Wirecard fell by over 2 percent at the start of trading on Wednesday, making the German financial service provider the biggest loser in among Germany's top-30 company's on Wednesday morning.

Wirecard also published its quarterly results on Wednesday morning local time, reporting an increase in turnover of 36.7 percent to a total of 1.9 billion euros during the first nine months of 2019.

The German financial service provider is currently facing allegations by British newspaper Financial Times of "fraudulently" inflating sales and profits at Wirecard businesses in Dubai and Ireland.

In an interview with German newspaper Handelsblatt on Monday, Wirecard's chief executive officer Markus Braun denied the allegations and described them as "factually incorrect."

German luxury car maker BMW published its Q3 results on Wednesday as well, increasing turnover and operational profits by 7.8 percent and 32.9 percent respectively. BMW's business in last year's third quarter suffered from the changeover to the new WLTP (Worldwide Harmonized Light Vehicles Test Procedure) emissions testing procedure.

The euro increased by 0.05 percent on Wednesday morning local time, trading at 1.1081 U.S. dollars.

The German Federal Statistical Office (Destatis) announced on Wednesday, that new orders at Germany's important manufacturing sector had increased by 1.3 percent in September when compared to the previous month.

However, compared to September last year, new orders in Germany's manufacturing sector declined by over 5 percent, according to Destatis.