SAP lowered its 2026 non-IFRS operating profit outlook to €11.8 billion–€12.2 billion, citing more than €100m of dilution from the AI-related acquisitions of Dremio and Prior Labs. The company kept its 2026 cloud revenue target unchanged at €25.8 billion–€26.2 billion. Second-quarter cloud revenue rose 24% year-on-year to €6.28 billion, while current cloud backlog increased 26% to €22.93 billion.

ECB policymaker Pierre Wunsch said the central bank could still raise rates again in July or September even after a temporary U.S.-Iran deal pushed oil prices sharply lower and eased energy-driven inflation concerns. He pointed to services inflation rising to 3.5% in May from 3% as a key risk, and said another 25-basis-point move could be warranted if price pressures broaden, in comments to Reuters. Markets see a higher chance of a hike in September or October, with the timing depending on data for non-energy inflation and wages.