German stocks off to good start with all-time high on Tuesday

BERLIN, June 1 (Xinhua) — German stocks were off to a good start on Tuesday with a new all-time high as the benchmark DAX index rose 92 points, or 0.60 percent, opening at 15,513.1 points.

The biggest winners among Germany’s 30 largest listed companies at the start of trading were the country’s three large carmakers Volkswagen, up 1.95 percent, followed by Daimler and BMW with 1.89 percent and 1.75 percent, respectively.

On Tuesday, Daimler announced that it has signed a patent licensing agreement with telecom company Nokia. Settling “all pending litigation” between the two companies, Nokia would license mobile telecommunications technology to Daimler and receive payment in return.

Shares of Deutsche Boerse fell by 0.04 percent. The German stock exchange operator was the biggest loser at the start of trading on Tuesday.

Germany’s unemployment rate in May fell by 0.1 percentage point compared to the previous month and stood at 5.9 percent, Germany’s Federal Employment Agency announced on Tuesday. With around 2.687 million people without a job in Germany, unemployment numbers fell by 126,000 year-on-year.

The yield on German ten-year bonds grew 0.0135 percentage point to minus 0.1695 percent and the euro was trading almost unchanged at 1.2229 U.S. dollars, increasing by 0.01 percent on Tuesday morning. Enditem