German shares gain 1.01 percent at start of trading on Monday

German stocks were off to a good start on Monday, with the benchmark DAX index rising by 112.17 points, or 1.01 percent, opening at 11,186.04 points.

The biggest winner among Germany’s largest 30 companies at the start of trading was pharmaceutical company Bayer, increasing by 4.13 percent, followed by aircraft engine manufacturer MTU Aero Engines with 3.31 percent and financial service provider Wirecard with 2.87 percent.

On Monday, Bayer announced that it had made “progress” in reaching a legal settlement with U.S. customers about the allegedly carcinogenic weed killer called Roundup.

Shares of BMW fell by 0.25 percent. The German carmaker was the biggest loser at the start of trading on Monday.

The German Federal Statistical Office (Destatis) announced on Monday that price-adjusted German gross domestic product decreased by 1.9 percent year-on-year in the first quarter of 2020.

The yield on German ten-year bonds went down 0.015 percentage points to minus 0.503 percent, and the euro was trading almost unchanged at 1.0899 U.S. dollars, increasing slightly by 0.02 percent on Monday morning.