European stocks extend losses, SAP shines after forecast lift By
© Reuters. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 29, 2021. REUTERS/Staff
(Reuters) – European stocks extended losses on Wednesday as investors were unnerved by the prospect of rising inflation slowing growth, while software group SAP’s strong earnings forecast helped limit losses in Germany’s blue-chip index.
By 0710 GMT, the pan-European index slipped 0.4%, the German was down 0.2% and 40 fell 0.5%.
German business software group SAP rose 2.6% after it raised its full-year outlook for a third time following a strong quarterly showing as more customers shift their IT operations to the cloud.
French luxury goods maker LVMH inched down 0.1% as overall revenue growth in Asia and the United States eased after stellar first-half performance.
Online food ordering and delivery service Just Eat Takeaway.com was the biggest decliner on STOXX 600, down about 5%, after its third-quarter orders fell short of analysts’ estimates.
Apple (NASDAQ:) suppliers including STMicroelectronics, Infineon (OTC:) Technologies and AMS fell between 1% and 2% after Bloomberg reported the company is likely to slash production of its iPhone 13.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Read More: European stocks extend losses, SAP shines after forecast lift By