European shares fall as BASF profit warning hits German stocks

Credit: Reuters Studio
Published on July 9, 2019 - Duration: 01:13s

European shares fall as BASF profit warning hits German stocks

European shares fell on Tuesday as a profit warning from chemicals giant BASF led to a slide in German shares, which were on course to post their biggest drop in two months.

Pascale Davies reports.

Advertisement

European shares fall as BASF profit warning hits German stocks

European shares followed Asia into the red Tuesday (July 9) morning.

The pan-European STOXX 600 index fell 0.7% in early trading.

Germany's Dax the hardest hit - down 1.3% and heading for its biggest drop in two months.

That as shares in the country's largest lender, Deutsche Bank, slipped more than 5% at one point.

It's announced restructuring plans that will axe 18,000 jobs.

The U.S. China trade war also putting the squeeze on European businesses.

A profit warning from German chemicals giant BASF saw its shares shed nearly 6%.

The company cautioned over the impact of the trade dispute, and warned of a slowdown in global growth.

Shares in the chemicals peer Bayer dropped 2% after the news.

Investors now awaiting Federal Reserve Chair Jerome Powell's opening statement on U.S. stress tests later on Tuesday.

They're hoping for signs of a rate cut and looser monetary policy.

You are here

Recent related videos from verified sources

Deutsche Bank leads European shares higher, China stocks up 01:14
Credit: Reuters Studio - Published on August 19, 2019 

You might like