European shares edge lower; SAP boosts tech stocks

Posted by Admin October 22, 2024 Tech

European stocks were flat on Tuesday, as investors assessed strong outlook from big tech players SAP and Logitech, while navigating geopolitical uncertainties and global interest-rate cut outlook.

The pan-European STOXX 600 index ticked down 0.02%, as of 0716 GMT, with investors positioning themselves ahead of the all-important November U.S. Presidential elections amid a light events calendar.

Four U.S. Federal Reserve policymakers expressed support for further interest-rate cuts, but appeared to differ on how fast or far they believe any cuts should go.

SAP rose 5% after the German software company raised its full-year targets on strong cloud business in the third quarter. It helped to lift tech stocks up 1.4%.

Logitech gained 3% after the Swiss tech firm increased its full-year outlook.

Randstad, the world’s largest employment agency and therefore crucial to assess the job-market condition, reported quarterly profit slightly above expectations, sending its shares up 4% to a 2-1/2-year high. Saab surged 5%, after the company that produces military hardware such as missiles and submarines, said its quarterly operating earnings were bigger than expected and confirmed its annual outlook. Norway‘s largest bank DNB topped its third-quarter profit forecast, while Danish shipping group Maersk raised its outlook after reporting strong results. Their shares gained 4% and 2.5%, respectively, after market open.