German shares gain 0.76 pct at start of trading on Thursday

Source: Xinhua| 2020-05-28 16:49:28|Editor: huaxia

BERLIN, May 28 (Xinhua) -- German stocks were off to a good start on Thursday, with the benchmark DAX index rising 89.09 points, or 0.76 percent, opening at 11,746.78 points.

The biggest winner among Germany's largest 30 companies at the start of trading was the country's biggest airline Lufthansa, increasing by 2.46 percent, followed by building materials producer HeidelbergCement with 2.11 percent, and Germany's largest bank Deutsche Bank with 2.02 percent.

Shares in SAP fell by 0.61 percent, making the German software company the biggest loser at the start of trading on Thursday.

The ifo Institute forecasted the German economy would shrink by 6.6 percent in 2020, before growing from this "low level" by 10.2 percent next year. The forecast was based on an ifo survey of German companies conducted in May.

The German Federal Statistical Office (Destatis) is scheduled to announce the inflation rate for Germany for May on Thursday. In April, the inflation rate in Germany had fallen to 0.9 percent.

The yield on German ten-year bonds went up 0.012 percentage points to minus 0.408 percent. The euro was trading almost unchanged at 1.1007 U.S. dollars, decreasing slightly by 0.01 percent on Thursday morning. Enditem