European stocks flat as miners counter tech rally

(Reuters) – European shares opened subdued on Tuesday, as metal miners partially offset a technology-related rally fuelled by robust earnings from SAP and Logitech (NASDAQ:).

The pan-European index was flat at 514.9 points, as of 0715 GMT, after posting its best day in more than a month on Monday.

Earnings updates grabbed investor attention, with SAP jumping 6.2% after Europe’s largest software maker reported a 25% jump in its cloud business and beat analysts’ estimates for second-quarter revenue.

Shares of Logitech International advanced 2.3% after the computer mouse maker raised its full-year sales and profit outlook on strong quarterly growth.

The technology sub-index, which houses both the stocks, advanced nearly 1%.

A 1.5% fall in metal miners, however, weighed on the benchmark index as prices came under pressure due to concerns over top consumer China’s demand outlook. [MET/L]

New data and macro-economic projections will help the European Central Bank reassess its monetary policy stance in September, ECB Vice President Luis de Guindos said in an interview with Europa Press.