German shares reach new all-time high

Source: Xinhua| 2020-01-22 18:18:19|Editor: Shi Yinglun
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BERLIN, Jan. 22 (Xinhua) -- German stocks were off to a good start on Wednesday, with the benchmark DAX index increased by 45.78 points, or 0.34 percent, to 13,601.65 points.

The DAX reached the highest level in its history on Wednesday, surpassing the previous record high of 13,596.89 points from January 2018.

The biggest winner among Germany's 30 largest listed companies at the start of trading was high-tech polymer materials producer Covestro, registering an increase of 3.67 percent, followed by reinsurance giant Munich Re with 0.85 percent and energy company RWE with 0.74 percent.

Shares of Lufthansa fell by 0.07 percent. The German airline was the biggest loser at the start of trading on Wednesday.

The worldwide recalls and proceedings in connection with the diesel scandal will cost German carmaker Daimler up to an additional 1.5 billion euros (1.66 billion U.S. dollars) for 2019, the company announced in Stuttgart on Wednesday.

Following the announcement, shares of Daimler fell by 0.44 percent and were trading at just above 46 euros (51 U.S. dollars), down by about 2.2 percent from a year ago.

The euro was trading almost unchanged at 1.1084 U.S. dollars, decreasing slightly by 0.01 percent on Wednesday morning.

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