After falling below 13,000 points on Tuesday, German stocks were up slightly at the start of trading on Wednesday, with the benchmark DAX index increasing 22.19 points, or 0.17 percent, opening at 12,990.52 points.
The biggest winner among Germany’s 30 largest listed companies at the start of trading was reinsurer Munich Re, increasing by 1.11 percent, followed by telecommunications company Deutsche Telekom with 0.93 percent and utility E.ON with 0.86 percent.
On Wednesday, investment bank Jefferies raised its price target for Munich Re from 235 euros to 275 euros and left the rating at “Buy”. According to analyst Philip Kett, the reinsurer’s premiums developed promisingly while losses were in line with expectations. Shares of Munich Re were trading at around 248 euros on early trading on Wednesday.
Shares of MTU Aero Engines fell by 0.90 percent. The German aircraft engine manufacturer was the biggest loser at the start of trading on Wednesday.
Turnover of the German automotive trade and repair shops in the first half of the year “declined significantly” by 15.8 percent year-on-year, the Federal Statistical Office announced on Wednesday.
Shares of Germany’s largest automobile producers were in the lower third of the DAX shortly after trading started. Daimler and BMW were still up slightly while shares of Volkswagen were down by around 0.2 percent.
The yield on German ten-year bonds went down 0.009 percentage points to minus 0.504 percent, and the euro was trading at 1.1773 U.S. dollars, decreasing slightly by 0.01 percent on Wednesday morning.