German stocks were down slightly at the start of trading on Friday, with the benchmark DAX index falling just 10.15 points, or 0.08 percent, opening at 13,198.74 points.
The biggest winner among Germany’s 30 largest listed companies at the start of trading was sportswear producer Adidas, increasing by 0.26 percent, followed by stock operator Deutsche Boerse with 0.23 percent and Germany’s largest housing company Vonovia with 0.20 percent.
Shares in Infineon fell by 0.75 percent. The German chipmaker was the biggest loser at the start of trading on Friday, followed by carmaker BMW with minus 0.55 percent and automotive supplier Continental with minus 0.46 percent.
German pharma company Bayer announced Friday that Werner Baumann would remain chairman of its management board and that it has extended Baumann’s contract as its CEO until April 2024. Since the takeover of U.S. agrochemical company Monsanto in 2018, shares in Bayer have plummeted from around 100 euros to currently 56.55 euros.
The inflation rate in Germany, measured as the year-on-year change in the consumer price index, stood at 0.0 percent in August, the Federal Statistical Office announced Friday, citing the temporary reduction of value-added tax in Germany as one reason for the “low inflation rate.”
The yield on German ten-year bonds went down 0.046 percentage points to minus 0.472 percent, while the euro was trading at 1.1835 U.S. dollars, increasing by 0.12 percent on Friday morning.