European stocks plunge after SAP profit warning and new COVID-19 restrictions

European stocks plunge after SAP profit warning and new COVID-19 restrictions

On October 24, 2020, Italian anti-riot police collide with protesters over measures to stop the spread of COVID-19 in the center of Naples in southern Italy.

Carlo Hermann/Agence France-Presse/Getty Images

European stocks traded lower on Monday due to concerns including business software giant SAP’s profit warning, new activity restrictions on COVID-19, and difficulties in US stimulus measures.

Stoxx Europe 600 SXXP, down 1.4% last week
-0.54%
It fell 1.2%.

Germany DAX DAX, after SAP warning
-2.03%
It slipped 2.7%. France CAC 40 PX1,
-0.42%
Fell 1.2% and the UK FTSE 100 UKX
-0.28%
I lost 0.6%.

Futures of Dow Jones Industrial Average YM00,
-1.02%
Slid 285 points. S&P 500 SPX,
+ 0.34%
It was down 0.5% last week.

Additional restrictions on activities Introduced in Europe to fight the second wave of coronavirus.. Italy closes bars and restaurants from Monday to 6pm, both cinemas and gyms, and Spain introduces 11pm curfew. World Health Organization Secretary-General Tedros Adhanom Ghebreyesus said Northern Hemisphere countries are facing “dangerous moments”.

House Speaker Nancy Pelosi and White House Chief of Staff Mark Meadows, in an interview with CNN, criticized each other for moving the goalpost in stimulus talks.

European investors are taking their stance ahead of post-Brexit trade deals, this week’s European Central Bank meeting, and talks between the European Union and the UK over next week’s US elections.

Also USDTRY in dollars,
+ 1.05%
It has crossed eight Turkish lira, another indicator of the economic struggle Turkey faces.

SAP SAP,
-18.15%

sap,
+ 1.38%
It fell 20%, its worst daily performance since the 23% decline on October 23, 1996 as German business software giants revised their outlook for 2020, saying the impact of COVID-19 is pushing customer investment. And 2 years. SAP said its 2023 operating margin will be up to 5 percentage points lower than its previous target.

TeamViewer TMV,
-1.84%,
Remote software manufacturer and IT consultant Capgemini CAP,
-3.92%
Also deleted after SAP warning.

Coca-Cola European Partners CCEP,
+ 0.75%

CCEP,
-1.14%
1% increase after offering $10.8 billion or €5.2 billion to Coca-Cola Amatil CCL
+ 16.27%,
It is one of the largest bottlers and distributors of non-alcoholic and alcoholic beverages and coffees ready to drink in the Asia Pacific region. Coca-Cola Co. KO,
-0.31%
It has tentatively agreed to sell its 31% stake. Coca-Cola European Bottlers separately stated that third-quarter adjusted revenue declined 3%.

Bayer BAYN,
+ 0.88%
It fell 1% after it said it would pay up to $4 billion to Asklepios BioPharmaceutical, a biopharmaceutical company specializing in gene therapy based in the United States.

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