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European shares fall as tech heavyweight SAP flags trade worries

European shares fall as tech heavyweight SAP flags trade worries
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, July 5, 2019. REUTERS/Staff -
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(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 <SAPG.DE> 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 <INDT.ST> tumbled nearly 12%, the most among on the benchmark index, after reporting second-quarter results.

(Reporting by Susan Mathew in Bengaluru; Editing by Arun Koyyur)

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