Europe's STOXX 600 ends marginally higher on tech boost
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STOXX 600 up 0.1%
Porsche falls after cutting sales forecast
SAP hits all time-high after adjusted profit beats estimates
Updated at 1600 GMT
By Pranav Kashyap, Shristi Achar A and Shashwat Chauhan
July 23 (Reuters) -European shares ended a touch higher on Tuesday as a rally in technology-related shares following robust earnings from SAP helped offset declining resource-linked stocks that tracked lower commodity prices.
The pan-European STOXX 600 index .STOXX closed 0.1% higher after posting its best day in more than a month on Monday.
Earnings updates from technology-related companies helped lift the index, with SAP SAPG.DE jumping 7.2% to an all-time high after Europe's largest software maker reported better-than-expected quarterly operating income, buoyed by revenue growth and intensified cost-cutting.
The German benchmark index DAX .GDAXI gained 0.8%, outperforming the region's bourses on the back of SAP's gains.
The technology sub-index .SX8P outpaced the major STOXX indexes and gained 1.4%, with other chip stocks like ASML ASML.AS, ASMI ASMI.AS and BESI BESI.AS also advancing between 1.2% and 4.2%.
Other prominent earnings included British caterer Compass Group CPG.L, which gained 4.5% after raising its annual profit and revenue forecasts for the second time this year.
Second quarter earnings for STOXX 600 companies are expected to decline 0.8% versus a year prior, as per LSEG I/B/E/S data.
European shares have clawed back some of the losses seen last week on the back of a rebound in technology shares, whilemarkets assess political developments in the United States and shift their focus to the earnings season.
"In the limited number of swing state polls including (Kamala) Harris, her performance in July has been generally on par with (Joe) Biden, which helps explain the rather modest reaction in the markets, but also leaves her firmly behind (Donald) Trump," noted analysts at Danske Bank.
On the downside,Norsk Hydro's NHY.OL shares were down 4.7% after the aluminium producer posted an 18% fall in second-quarter core profit, dragging the mining index.SXPP down 1.7%.
Slipping base metal prices also added to the woes of the index, while heavyweight energy shares .SXEP lost 1% as crude oil prices came under pressure. MET/L O/R
Edenred EDEN.PA slumped 13.5% and was the top loser on the STOXX600 after the French vouchers and benefit cards provider's quarterly revenue growth fell below 20% for the first time since the end of 2022.
Europe's largest defence electronics company Thales TCFP.PA slipped 6.7% amid margin worries in its space business despite beating market expectations for fresh orders.
Porsche AG P911_p.DE dropped 5.1% after the German carmaker cut its annual sales and profit forecastdue to a surprise aluminiumalloy supply shortage.
Meanwhile, new data and macro-economic projections will help the European Central Bank reassess its monetary policy stance in September, ECB Vice President Luis de Guindos said in an interview with Europa Press.
Reporting by Pranav Kashyap, Shristi Achar A and Shashwat Chauhan in Bengaluru; Editing by Sherry Jacob-Phillips, Shounak Dasgupta and Chris Reese
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