Investing.com - Financial Markets Worldwide
🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

European shares fall as BASF profit warning hits German stocks

Published 09/07/2019, 08:28
Updated 09/07/2019, 08:30
European shares fall as BASF profit warning hits German stocks
DE40
-
BASFN
-
BAYGN
-
DBKGn
-
DANSKE
-
STOXX
-
SX4P
-

(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.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.