European stocks extend losses, SAP shines after forecast lift

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(For a Businesshala live blog on the US, UK and European stock markets, click/ or type live/ in a news window)

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October 13 (Businesshala) – European stocks widened losses on Wednesday as investors were unfazed by the prospect of slowing growth from rising inflation, while strong earnings forecasts from software group SAP helped limit losses in Germany’s blue-chip index .

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As of 0710 GMT, the pan-European STOXX 600 index was down 0.4%, the German DAX was down 0.2% and France’s CAC 40 was down 0.5%.

German business software conglomerate SAP rose 2.6% after it showed its full-year outlook for the third time in a strong quarter, as more customers move their IT operations to the cloud.

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French luxury goods maker LVMH posted a 0.1% decline as overall revenue growth in Asia and the United States was eased after a stellar first-half performance.

Online food ordering and delivery service Just Eat Takeaway.com was the biggest drop on the STOXX 600, down nearly 5%, after its third-quarter orders fell short of analysts’ estimates.

Apple suppliers, including STMicroelectronics, Infineon Technologies and AMS, fell between 1% and 2% after Businesshala reported that the company may cut production of its iPhone 13. (Reporting by Shruti Shankar in Bengaluru; Editing by Sriraj Kalluvilla)

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