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European stocks dipped on Tuesday as investors grappled with geopolitical tensions and uncertainties over global interest rate cuts. The pan-European STOXX 600 index edged down 0.3% by 0830 GMT, as lingering concerns about the European economy and Chinese demand weighed on market sentiment.
The broader decline was softened by German software giant SAP, whose shares surged 5% after raising its full-year targets, driven by a strong performance in its cloud business. This uplift pushed Germany’s DAX index up by 0.5%, while other European markets, including France, Spain, and Italy, experienced modest losses ranging from 0.1% to 0.6%.
The ongoing uncertainty surrounding the November U.S. elections and the Federal Reserve’s pace of rate cuts, coupled with geopolitical tensions, further fueled safe-haven demand for the U.S. dollar and gold, putting additional pressure on equities.
While tech stocks led sectoral gains, the real estate sector suffered, with Sweden’s Wallenstam falling 6% after disappointing nine-month results. Swiss tech firm Logitech initially surged 3% on an improved outlook but later reversed, falling by 1%. In contrast, Randstad, Saab, and DNB posted strong gains, reflecting better-than-expected earnings.
Among the biggest losers were laboratory testing firm Eurofins, down 8%, and Sweden’s Munters, also down 8%, after both companies reported earnings below expectations.
