German shares lose 2.7 pct at start of trading on Monday

2020-10-26 11:06:18 GMT2020-10-26 19:06:18(Beijing Time) Xinhua English

BERLIN, Oct. 26 (Xinhua) -- German stocks were off to a bad start on Monday, with the benchmark DAX index losing 342.34 points, or 2.7 percent, opening at 12,303.41 points.

Consumer goods company Beiersdorf, Fresenius as well as its subsidiary dialysis specialist Fresenius Medical Care (FMC) declined by 0.20 percent, the smallest losses among Germany's 30 largest companies at the start of trading.

Shares of SAP fell by 19.49 percent. Germany's largest software company was by far the biggest loser at the start of trading on Monday after announcing that revenues in the third quarter (Q3) declined by 4 percent to 6.54 billion euros (7.73 billion U.S. dollars), abandoning its financial targets for 2020.

German restaurant industry was hit hard by the coronavirus pandemic as turnover between March and August declined by 40.5 percent year-on-year, Germany's Federal Statistical Office (Destatis) announced on Monday.

On Monday, the German ifo Institute is scheduled to publish its monthly business climate index for October. In the previous month, the mood among German executives had improved for the fifth time in a row as the index climbed to 93.4 points.

The yield on German ten-year bonds went down 0.008 percentage points to minus 0.580 percent, and the euro was trading almost unchanged at 1.1846 U.S. dollars, increasing by 0.01 percent on Monday morning. Enditem