German shares lose 1.53 pct at start of trading

German stocks were off to a bad start on Friday, with the benchmark DAX index losing 169.65 points, or 1.53 percent, opening at 10,896.28 points.

Despite the initial losses on Friday, Germany’s DAX index is still up around 2 percent, compared with the beginning of this week.

The biggest winner at the start of trading was Germany’s largest airline Lufthansa, increasing by 0.34 percent, followed by dialysis specialist Fresenius Medical Care with no changes and its parent company Fresenius falling by 0.4 percent.

On Friday, the board of Lufthansa is expected to decide on the German government’s offer to acquire a 20 percent stake in the airline with the option to ramp up the stake to 25 percent in return for a total of 9 billion euros (9.8 billion U.S. dollars).

Shares of Merck fell by 2.1 percent, making the German pharmaceutical company the biggest loser at the start of trading.

The yield on German 10-year bonds went down 0.017 percentage points to minus 0.516 percent, and the euro was trading almost unchanged at 1.0949 dollars, decreasing slightly by 0.01 percent on Friday morning.

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Latest financial, market & economic news and analysis from the Famagusta Gazette Business Desk.