SAP has reported delays in US customer decisions due to trade tensions, but the recent agreement with Japan offers optimism.

SAP, Europe's most valuable publicly traded group, has warned that trade tensions are affecting customer decisions in the US, with delays in transactions, especially in the public and industrial sectors. Chief Financial Officer Dominik Asam said the US-Japan agreement on tariffs brings a ray of hope, but political uncertainty persists. The company reported revenue of €9.03 billion up but below market expectations, and currency fluctuations hurt results. SAP shares fell 3.5%.