LIVE MARKETS-SAP bounce helps tech, STOXX steady
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SAP BOUNCE HELPS TECH, STOXX STEADY
A bounce in heavyweight software maker SAP from its lowest level in 11 months helped European shares get off to a steady start on Wednesday in an otherwise muted market ahead a widely expected rate cut by the Federal Reserve.
SAP SAPG.DE was top gainer in the region .STOXX, up nearly 4% following recent weakness on concerns over slowing cloud growth. Jefferies said a firechat with the CFO remarks underscored resilient cloud intake and free cash flow outlook.
As a result of SAP gains in Frankfurt .GDAXI, tech .SX8P led sectoral gainers, up 1.6%. Also helping was Prosus PRX.AS hitting a record high in Amsterdam .AEX, following a surge in tech stocks in Hong Kong including Tencent 0700.HK in which the Dutch group owns a big stake.
The other sectors moved between a rise of 0.8% and a fall of 0.5%. The region-wide STOXX 600 .STOXX was last up around 0.2%. Zurich .SSMI and Milan .FTMIB lagged slightly.
(Danilo Masoni)
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