European shares fall as tech heavyweight SAP flags trade worries
Reuters
Published Jul 18, 2019 03:30AM ET
Updated Jul 18, 2019 05:18AM ET
(Reuters) - Technology stocks led a slide in European shares on Thursday as software firm SAP reported poor results and was the latest to point out the impact of a protracted trade war between the United States and China on its earnings.
Europe's most valuable tech company SAP (DE:SAPG) slipped 6.9% after telling investors they will have to wait till next year for a major improvement in margins as the business software group reported a 21% decline in quarterly operating profit.
That pushed Germany's DAX (GDAXI) down 1.1% and weighed on the pan-European stocks benchmark index (STOXX), which slipped 0.6% by 0711 GMT.
Industrial company Indutrade AB (ST:INDT) tumbled nearly 12%, the most among on the benchmark index, after reporting second-quarter results.
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Written By: Reuters
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