German shares continue week’s horizontal trend at start of trading

Xinhua News Agency | Sep 18, 2019 at 9:24 AM

BERLIN, Sept. 18 (Xinhua) -- German stocks continued the horizontal trend and remained flat at the start of trading on Wednesday, with the benchmark DAX index opening at 12,361.23 points, down 11.38 points, or 0.09 percent.

The biggest winner among Germany's largest 30 companies at the start of trading was the producer of high-tech polymer materials Covestro, up 1.47 percent, followed by payment service provider Wirecard with 1.03 percent and utility company E.ON with 0.53 percent.

U.S. investment bank Goldman Sachs upgraded its rating for Covestro from "Neutral" to "Buy" on Wednesday and raised its price target from 48 to 53 euros (currently 44.50 euros).

Earnings expectations for the plastics specialist is expected to rise again for the first time since mid 2018, said Goldman Sachs analyst Georgina Iwamoto, adding that investors should not miss out on this change of mood.

The euro declined slightly by 0.12 percent on Wednesday, traded at 1.1059 U.S. dollars.

Shares of Deutsche Post, Germany's largest postal company fell by 1.76 percent, making it the biggest loser at the start of trading on Wednesday.

On Tuesday evening, German stock exchange company Deutsche Boerse announced cooperation with Google on the use of cloud services in finance.

Deutsche Boerse is planning to digitalize internal workflows as well as develop new products for customers, Deutsche Boerse chief information officer Christoph Boehm told newspaper Handelsblatt.

The Global Wealth Report on the state of global wealth distribution is set to publish in Frankfurt on Wednesday by German insurer Allianz.

The report analyzes the financial assets and indebtedness of private households in over 50 countries worldwide.