European shares sag; SAP boosts tech stocks, Germany's DAX
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SAP hits record high
Randstad, DNB climb after Q3 profit beat
Eurofins, Munters at the bottom of STOXX 600
Updated at 0830 GMT
By Paolo Laudani and Ankika Biswas
Oct 22 (Reuters) -European stocks slipped on Tuesday, as investors navigated geopolitical and global interest-rate cut uncertainties, while German SAP's strong outlook boosted tech stocks and helped the country's main stock index buck the sluggish trend.
The pan-European STOXX 600 index .STOXX ticked down 0.3%, as of 0830 GMT.
The index has hit record highs multiple times this year, but momentum has sagged on concerns around the European economy and Chinese demand.
"With the European economy looking so weak, the fact that we had back-to-back ECB rate cuts and expectation of cuts from the Bank of England will start to boost confidence in business and with the consumer," said Danni Hewson, head of financial analysis at AJ Bell.
"For now, there's an awful lot of moving parts and investors are just trying to keep up with what's going on."
Taking some shine off equities, key triggers including the November U.S. elections, doubts over the pace of Federal Reserve rate cuts and the ongoing geopolitical tensions have boosted the safe-haven U.S. dollar and gold.
On the earnings front, SAP's SAPG.DE shares rose 5% after the software company increased its full-year targets on strong cloud business in the third quarter, helping the tech index .SX8P rise 1.4% and top sectoral gainers.
With the stock commanding around 15% weightage on Germany's DAX index .GDAXI, the benchmark index gained around 0.5%, while other regional bourses in France .FCHI, Spain .IBEX and Italy .FTMIB were down 0.1% to 0.6%.
Logitech LOGN.S surged 3% at open after the Swiss tech firm increased its full-year outlook, but it later reversed course and was down 1%.
Meanwhile, real estate .SX86P was the worst-hit sector, with Sweden's Wallenstam WALLb.ST slumping 6% after its nine-month results.
Randstad RAND.AS, the world's largest employment agency and therefore crucial to assess the job-market condition, reported quarterly profit slightly above expectations, sending its shares up 4% to a 2-1/2-year high.
Saab SAABb.ST surged 5%, after the military-hardware producer said its quarterly operating earnings were bigger than expected and confirmed its annual outlook.
Norway's largest bank DNB DNB.OL rose 5% after topping its third-quarter profit forecast, while Danish shipping group Maersk MAERSKb.CO climbed 2% after raising its full-year forecasts.
Laboratory testing firm Eurofins EUFI.PA fell 8% after the company reported nine-month growth below its guidance, hitting the bottom of the STOXX 600.
Sweden's Munters MTRS.ST dropped 8% after the company posted a third-quarter print below market expectations.
Reporting by Paolo Laudani in Gdansk and Ankika Biswas in Bengaluru; Editing by Rashmi Aich and Mrigank Dhaniwala
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