European markets close lower; tech sector down 7.4% as SAP shares tank
European markets plunged Monday as surging coronavirus cases throughout the continent weighed on sentiment, while SAP led a sharp decline for tech stocks.
The pan-European Stoxx 600 closed down by 1.8% provisionally, with the technology sector plunging 7.4% after Germany’s SAP abandoned its medium-term profitability targets and warned that its business would take longer than expected to recover from the damage of the coronavirus pandemic. The company’s stock plunged nearly 22%.
The resurgence of the coronavirus in Europe has continued apace in recent days, with France reporting a record daily rise in new infections on Sunday, Italy ordering bars to close early and shutting public gyms and Spain issuing a nationwide curfew to stem a worsening outbreak.
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