Newscasts - Europe Today: European shares edge lower but SAP boosts tech stocks

Logitech International SA

22/10/2024 11:01

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Source: 'Reuters - Business videos'

Description: European stocks were flat, as investors assessed a positive
outlook from big tech players, while navigating geopolitical uncertainties and
global interest-rate cut outlook.
Short Link: https://refini.tv/40e084z

Video Transcript:

European shares edge lower but SAP boosts tech stocks. Welcome to Europe
Today. I'm Ludovica Brignola. European stocks were flat as investors assessed
a positive outlook from Big Tech players while navigating geopolitical
uncertainties and global interest rate cut outlook. Meanwhile, Germany's
Federal and State governments tax revenues rose 6.9% in September, compared
with the same month last year. And European bond yields were on the rise.
Well, let's take a look then at those Tech players earnings and shares in SAP
hit an all-time high, surging 5% and that's after the German software company
raised full-year targets on strong cloud business in the third quarter. Cloud
revenue grew 27% and artificial intelligence was a key growth driver. In
Norway, the country's largest bank, DNB reported bigger than expected third
quarter earnings has increased lending volumes helped boost its results. Its
net profit rose 19.9% from a year earlier. Danish shipping group AP
Moller-Maersk has raised its full year forecast on the back of strong third
quarter results. Robust demand and the continuing disruption to shipping in
the Red Sea. Attacks on vessels by Iran-aligned Houthi militants have
disrupted a shipping route that's vital to east-west trade pushing freight
rates higher and causing congestion in Asian and European ports. Logitech
International also raised its full-year outlook after a strong performance and
a growth in demand in the second quarter. The Swiss-American technology
company now expects its full year sales in the range of $4.39 billion to $4.47
billion. That's up from its previous guidance. And there was a positive sign
on the European consumer front in the UK. Holiday Inn owner InterContinental
Hotels Group posted a third quarter room revenue growth of 1.5%. That's a
summer demand in Europe offset a subdued US market and weak demand in China as
well. HSBC is to combine its commercial and investment banking operations and
a major overhaul under new CEO Georges Elhedery. The bank will be
restructuring into four business units and slash senior management positions
as it seeks to reduce costs. HSBC has also appointed Pam Kaur, the lenders
first female chief financial officer. Investors will also keep an eye on
French giants L'Oréal and Vivendi, reporting their third quarter results
after the bell, as well as Deutsche Börse in Germany. And that's it from
Europe Today