European Stocks Dip Amid SAP Probe and Inflation Data Watch

European shares opened lower as SAP faced a probe over alleged price-fixing, impacting the technology sector. Investors are watching for inflation data, which could influence ECB's rate cuts. Meanwhile, the energy sector saw gains, and the Bank of England hints at potential rate cuts.

On October 3, European shares fell following news that German technology company SAP is under investigation for potential price-fixing. This development led to a 2% decline in SAP's stock, impacting the technology sector overall, which dropped nearly 1%.

The energy sector, however, experienced a 0.3% rise as oil prices increased amid concerns over a potential conflict in the Middle East. Market participants are keeping an eye on crucial inflation data expected from various major European economies.

European Central Bank board member Isabel Schnabel indicated confidence that euro zone inflation might ease to meet the 2% target, increasing the likelihood of rate cuts. Concurrently, the Bank of England's Andrew Bailey hinted at a quicker move towards reducing interest rates.

(With inputs from agencies.)