Europe's most valuable tech company SAP slipped 6.9% after telling investors they will have to wait till next year for a major improvement in margins as the business software group reported a 21% decline in quarterly operating profit.

That pushed Germany's DAX down 1.1% and weighed on the pan-European stocks benchmark index, which slipped 0.6% by 0711 GMT.

Industrial company Indutrade AB tumbled nearly 12%, the most among on the benchmark index, after reporting second-quarter results.