European stocks steady amid mining sector’s losses

European stock markets stabilized at the open on Tuesday, as losses in mining companies partially offset a wave of gains achieved by technology stocks, supported by strong profits from SAP and Logitech.

By 0715 GMT, the European STOXX 600 index settled at 514.9 points, after recording its best daily performance in more than a month yesterday, Monday.

The markets focused on the companies’ business results, and SAP shares jumped 6.2% after the largest software maker in Europe announced a 25% jump in its cloud business, exceeding analysts’ estimates for second-quarter revenues.

Logitech International shares rose 2.3% after the computer peripherals maker raised its full-year sales and profit forecasts on the back of strong quarterly growth. The technology sub-index, which includes both stocks, advanced nearly 1%.

On the other hand, a 1.5% decline in shares of metal mining companies affected the gains of the main index, as copper prices came under pressure due to concerns about demand expectations in China.