European markets were lower Tuesday as sentiment turned weak after worse-than-expected German data and also after enterprise software major SAP AG provided a weak outlook, hitting tech stocks.
Earlier, the ZEW Centre for Economic Research said its index of German economic sentiment fell unexpectedly by 2.7 points to 27.1 in July from June’s 29.8. Analysts had expected a decline of 1.8 points to 28.0.
The Current Conditions index also slipped to 61.8 from 67.7, worse than expectations for a reading of 67.0.
In the U.K., data showed consumer price inflation accelerated more than expected in June, hitting its highest level since January. Consumer price inflation rose at a seasonally adjusted 1.9% in June, up from 1.5% in May.
Stocks on the Move
Shire PLC fell 1.3%. The company yesterday accepted an increased bid of 31 billion pounds from AbbVie Inc. on Monday.
German enterprise software specialist SAP AG fell 1.1% as it lowered its 2014 sales outlook.
Other tech stocks were also lower. Cap Gemini SA fell 2.4% while Atos SE was down 0.6%. Thales SA gave up about half a percent. Infineon Tech AG traded flat.
Elsewhere, Swedish bearings major SKF was up 1.1% after reporting a rise in second quarter earnings in line with market hope and said it expected demand would remain relatively unchanged in the third quarter.