Friday, January 28, 2022

European stocks fall amid fears of rising inflation; SAP cloud sales are shining

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January 14 () – European stocks fell on Friday after U.S. Federal Reserve officials expressed concern about the impact of tighter monetary conditions, while SAP reported good quarterly earnings for the cloud business database.

The Pan-European STOXX 600 index fell 0.7%, weakening global markets amid nervousness after Federal Reserve Governor Lael Brynard became the last and highest-ranking U.S. central bank to signal an increase in anti-inflation rates in March. observed.

All sectors were in the red, with tech stocks declining by 1.3%, while bank stocks were among the weakest declines.

The German software giant SAP rose 1.9 percent and topped the STOXX 600 rankings after saying it grew its fourth-quarter revenue from the cloud computing business by 28 percent.

Europe’s third-largest insurer, Assicurazioni, fell 0.6 percent after CEO Francesco Caltagirone said he had resigned from the board amid a brawl between most investors.

Silicon analyst Wacker Chemie said revenue for 2021 was up 3.8% after saying it was above its target range and higher than analysts had expected.

The EDF energy group fell 23.4 percent after a French state-controlled firm was ordered to sell its cheap nuclear energy to smaller competitors to limit the rise in electricity prices in the country. (Anisha Sirkar’s interview in Bangalore; edited by Shounak Dasgupta)

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