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European shares fall as BASF profit warning hits German stocks

Published 07/09/2019, 03:28 PM
Updated 07/09/2019, 03:30 PM
European shares fall as BASF profit warning hits German stocks
DE40
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BASFN
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BAYGN
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DBKGn
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DANSKE
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STOXX
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SX4P
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
July 9 (Reuters) - European shares opened lower on Tuesday
in what could be their third straight day of losses as German
shares fell sharply due to a profit warning from chemicals giant
BASF.
Amid dimming hopes of a sharp cut in U.S. interest rates
this month that has been weighing on riskier assets since late
last week, the pan-European STOXX 600 index .STOXX fell 0.4%
by 0714 GMT, in line with Asian peers and Wall Street overnight.
MKTS/GLOB
German shares .GDAXI tumbled 0.8%.
In the latest evidence of the U.S.-China trade war squeezing
businesses, German chemicals firm BASF BASFn.DE slumped 5.3%
on warning that profit would fall below forecasts for the second
quarter and the full year. This hit fellow chemicals company Bayer BAYGn.DE , which
fell 1%, taking Europe's chemicals index .SX4P down 1.7%.
Nordic lender Danske Bank DANSKE.CO , which has been
struggling to restore trust among investors after disclosing a
major money laundering scandal at one of its branches, cut its
2019 earnings forecast for the second time, sending its shares
2.5% lower.
Deutsche Bank DBKGn.DE fell 1.6%, adding to Monday's 5.4%
slide as it began to slash 18,000 jobs in a 7.4 billion euro
($8.3 billion) "reinvention" that will lead to yet another
annual loss.

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