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European stocks open mixed as earnings dominate; SAP up 5% to all-time high

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European markets opened in mixed territory Tuesday as sentiment soured on Wall Street and in Asia-Pacific markets overnight.

was trading 0.45% higher and technology stocks gained 1.47%. Both were boosted by Frankfurt-listed software giant SAP, which rose more than 5% to a record high after, seen as a barometer for global trade, meanwhile added 3.3% after upgrading its full-year earnings forecast, citing strong container demand.SAP

It also nudged its full-year guidance for cloud and software revenue higher, to 29.5 billion euros to 29.8 billion euros, up from a previous forecast of 29 billion euros to 29.5 billion euros. "It's all about decarbonization, especially for many large companies here in Europe, and this is what we are doing, we are selling software which runs business processes, and that is in times like that, very important for our customers."

The latest borrowing figures"highlight the limited scope the has to increase day-to-day spending without raising taxes," Alex Kerr, U.K. economist at Capital Economics, said in a note. The Red Sea crisis has this year seen shipping companies divert trade around the southern coast of Africa, avoiding the Red Sea and Gulf of Aden followingCiti analyst Sathish Sivakumar said in a Monday note that Maersk's full-year consensus upgrade was"mostly driven" by the improved third-quarter results, and that he also expected an increase in fourth-quarter consensus along with more detail in the full company results due on Oct. 31.

'If gold doesn't rally now, then I'm not sure when it ever will. Actually, I think the fundamental backdrop looks actually quite good," he told CNBC's"Squawk Box Europe" on Monday.Despite a tight U.S. presidential election remaining too close to call, UBS remains constructive on equities and does not think any uptick in volatility could harm a strong market.

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