SAP's DAX system has been breached
The European market experienced a significant decline on Monday, with the DAX closing at 12,183.91 points, down 3.65 percent from the previous trading day. The sell-off was particularly notable for SAP, a major DAX component, which saw a massive sell-off, resulting in a decrease of over 30 billion euros in its market capitalization.
The decline in the DAX can be attributed to the performance of SAP, which announced higher investments in cloud computing on Sunday evening. These investments are expected to significantly impact SAP's operating margin. The CEO of SAP, Christian Klein, along with the COO Sebastian Steinhaeuser and CFO Dominik Asam, made the announcement.
The news of SAP's increased investments came as the company recently reported earnings that left investors shocked. The euro also weakened slightly on Monday afternoon, with one euro now fetching 1.1819 US dollars (-0.20 percent).
However, not all sectors were affected negatively. As trading neared its close, only the shares of Delivery Hero, Beiersdorf, Bayer, and Fresenius Medical Care were in the positive territory.
Meanwhile, gold prices benefited from the euro's weakness. One gram of gold is now equivalent to 51.80 euros due to the euro's weakness. An ounce of gold traded at 1,904.40 US dollars (+0.58 percent), which is equivalent to 51.80 euros per gram.
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