Europe: Stocks extend losses, SAP shines after forecast lift

[BENGALURU] 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 7.10 am GMT, the pan-European Stoxx 600 index slipped 0.4 per cent, the German DAX was down 0.2 per cent and France's CAC 40 fell 0.5 per cent.

German business software group SAP rose 2.6 per cent after it raised its full-year outlook for a 3rd 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 per cent 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 per cent, after its 3rd-quarter orders fell short of analysts' estimates.

Apple suppliers including STMicroelectronics, Infineon Technologies and AMS fell between 1 per cent and 2 per cent after Bloomberg reported the company is likely to slash production of its iPhone 13.

REUTERS