GERMANY: Germany's DAX opens almost unchanged as motorists complain about high fuel prices
- 00:01:03
- ITN Source
GERMANY: Germany's DAX opens almost unchanged as motorists complain about high fuel prices
Germany's DAX opens down around 0.2 percent, but high fuel prices concern motorists. The DAX in Frankfurt stood at 7,504 points at 10:06 a.m. (0906 GMT) on Thursday (November 22), down around 0.2 percent as U.S. crude steadied at 42 U.S.dollars (USD) a barrel, coming off a record high just shy of 100 USD on Wednesday. The economic concerns drove the dollar to a record low of 1.4872 USD against the euro on expectations of further interest rate cuts, although it recovered to 1.4851 USD at 0642 GMT. The dollar was at 108.85 yen off a 2-½ year high of 108.25 yen hit the previous day. In the southern German city of Munich, motorists complained about the high petrol prices which currently stand at almost 1.5 euros a litre for unleaded super plus petrol in some regions of the country. "The problem simply is that a continuously high oil price makes the industry's production more expensive. Regarding the European industry, a very low dollar is obviously counter-productive because our products are more expensive abroad," said Oliver Roth from merchant bank, Close Brothers Seydler. Munich taxi driver Alexander Ertelt told Reuters Television that the high prices were hurting his business although he drives a diesel-powered car which consumes less than a petrol car. Also, prices in Germany for diesel are traditionally lower than for petrol because diesel-powered cars are taxed higher. "Although we taxi drivers drive diesel cars we still earn less. In the end, turnover is simply lower," Ertelt said.
ITN Source | November 22, 2007
