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SAP results lift DAX futures this morning
The Q2 results from the German tech giant SAP were released late yesterday evening and it has beaten the street in some respects but not in others. Cloud revenue accelerated by 25% and it is that which is leading the stock higher in the grey market ahead of the opening, despite a slight miss on revenue. However, that seems largely due to a sizeable one-off impairment charge. SAP is the largest stock by market cap in the DAX and the share price is set to open higher today and that is lifting the DAX futures. As just noted in the previous update, that is in contrast to the opening calls for the FTSE 100 and the CAC 40- both set to open lower. As also earlier noted, the DAX was the best performing index yesterday, when it closed 235 points higher, at 18,407. The index is currently priced to open higher than that this morning thanks to those SAP numbers. The DAX is currently priced to kick off at around 18,475
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