European Markets Await Corporate Earnings: Steady Start with Key Updates

European shares began the week steady after two weeks of gains, as investors examined corporate earnings and economic policies. Key influences include SAP's earnings report and a rating change for Munich Re. JDE Peet's surged on executive changes, while Forvia rose despite a sales dip. The STOXX 600 index rose slightly.

European markets started the week on a steady note, after seeing gains in the previous two weeks. Investors are closely watching a range of corporate earnings reports and economic developments, notably following the European Central Bank's recent interest rate cut, which aims to curtail inflation according to Austria's central bank governor.

A significant focus is on SAP, the German tech giant, as its financial results will likely influence the broader market mood. This comes after ASML's report last week led to a sharp decline in tech stocks. Meanwhile, insurance sector experienced losses, highlighted by Munich Re's 2% drop after a rating reduction by Jefferies.

In other movements, JDE Peet's saw a 10% jump after announcing a new CEO and reaffirming its 2024 outlook. Forvia, ranking as the world's seventh-largest car parts supplier, climbed to the top of the SBF120 index with a 6.5% increase despite a reported decline in third-quarter sales.

(With inputs from agencies.)