European stocks lower as ceasefire optimism fades; SAP surges 6% on profit beat

European stock markets traded lower on Friday morning, as uncertainty over U.S.-Iran peace talks weighed on investor sentiment. The pan-European Stoxx 600 was down 0.5% shortly after 8:35 a.m. in London (3:35 a.m. ET), with most regional sectors and all major bourses in negative territory. Oil and gas led the gains, rising 1.2% in early dealmaking as energy prices ticked higher. Mining stocks saw the largest losses, sliding almost 1.7%. Shares in SAP surged about 6.4% in morning trade after the German multinational enterprise software giant announced a rise in operating profits of almost 17%, and a 19% jump in cloud revenues, in its latest quarterly earnings. SAP CEO Christian Klein told CNBC's "Squawk Box Europe" on Friday that the company is "uniquely positioned to win in business AI" adding that it will "double down and reinvest" more money into AI innovation. Renault shares, meanwhile, were 2.2% lower after the French carmaker said its first-quarter sales were 3.3% lower than the same three-month period last year. Its group revenues rose 7.3% in the period, however, reaching 12.5 billion euros ($14.6 billion). Investor attention remains focused on developments in the Middle East. On Thursday, U.S. President Donald Trump told reporters, "don't rush me," when questioned on a long-term deal with Iran. He also said he won't put a "timetable" on when the war will end. Overnight, it was reported that U.S. forces had boarded and searched another tanker thought to be carryi