European stocks extend losses, SAP shines after forecast lift

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By 0710 GMT, the pan-European STOXX 600 index slipped 0.4%, the German DAX was down 0.2% and France’s CAC 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 was the biggest decliner on STOXX 600, down about 5%, after its third-quarter orders fell short of analysts’ estimates.

Apple (NASDAQ:AAPL) suppliers including STMicroelectronics, Infineon (OTC:IFNNY) Technologies and AMS fell between 1% and 2% after Bloomberg reported the company is likely to slash production of its iPhone 13.

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