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Software stock crash shows West falling behind China

Enterprise software stocks crashed on Monday, leading the broad market down, after Europe’s tech pacesetter SAP dropped by 23% after the firm cut its 2020 forecast.

American enterprise software stocks including Oracle and were among the worst performers in the S&P 100 Index with losses of about 4% each.

Rising Covid-19 infection rates in Europe and the United States prompted the market sell-off, but business software showed the biggest losses.

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