- Title: GERMANY: German DAX opens around 0.7 percent lower.
- Date: 22nd August 2012
- Summary: FRANKFURT, GERMANY (AUGUST 22, 2012) (REUTERS) VARIOUS EXTERIORS OF FRANKFURT STOCK EXCHANGE BELL RINGING AS CLOCK ON DAX BOARD TURNS TO 9:00 A.M., THE STOCK EXCHANGE'S OPENING WIDE OF BOARD / TRADERS WORKING ON COMPUTERS VARIOUS OF TRADERS WORKING ON COMPUTER DAX BOARD SHOWING LOSS OF 55.01 POINTS OR 0.78 PERCENT (SOUNDBITE) (German) TRADER WITH MWB FAIRTRADE BOND TRADE BANK, ANDREAS LIPKOW, SAYING: "Today's DAX opening was rather weak, partly due to data released in the United States, such as Dell. Their figures were weaker than analysts had expected, hence the losses." DAX BOARD SHOWING PREVIOUS DAY'S CLOSE AT 7,089.32 POINTS (SOUNDBITE) (German) TRADER WITH MWB FAIRTRADE BOND TRADE BANK, ANDREAS LIPKOW, SAYING (ON GREECE): "Clearly, the fact that they asked for time shows that this undertaking is very difficult, especially as far as political topics go. It's unclear how much time is needed to implement the reforms and we saw how difficult negotiations were. Domestic politics played a role as did international topics on a European level which complicated matters. So it's not unusual to ask for more time to implement reforms such as Greece's tax system." VARIOUS OF TRADERS WORKING ON COMPUTER WIDE OF DAX BOARD HIGH SHOT OF FLOOR
- Embargoed: 6th September 2012 13:00
- Keywords:
- Location: Germany
- City:
- Country: Germany
- Topics: Economy
- Reuters ID: LVA83XRMPU1Z564IS42KINR1JGL5
- Aspect Ratio:
- Story Text: Germany's DAX opens 0.7 percent lower and remains virtually unchanged for the next three hours as one Frankfurt trader says Dell's weak sales revenue is one reason for the losses.
Germany's DAX opened with losses of around 0.7 percent on Wednesday (August 22) but the index remained above the psychologically important 7,000 point mark.
"Today's DAX opening was rather weak, partly due to data released in the United States, such as Dell," said Frankfurt trader Andreas Lipkow of MWB Fairtrade bank.
"Their figures were weaker than analysts had expected, hence the losses," said Lipkow.
Dell Inc. warned of a challenging second half and slashed its full-year earnings outlook as customers cut back on computer purchases ahead of the launch of Microsoft's Windows 8 software, sending its shares down more than 4 percent.
Regarding Greece, Lipkow expressed sympathy for Athens, saying "it's unclear how much time is needed to implement the reforms and we saw how difficult negotiations were. Domestic politics played a role as did international topics on a European level which complicated matters. So it's not unusual to ask for more time to implement reforms such as Greece's tax system."
Greek Prime Minister Antonis Samaras started a European charm offensive on Wednesday with talks to persuade euro zone chief Jean-Claude Juncker that the debt-laden nation deserves more time to reform its economy. - Copyright Holder: REUTERS
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