BASF SE (BASFn.DE)
Thu, Jul 25 2019
FRANKFURT German chemicals maker BASF on Thursday stuck with its investment budget and future earnings forecasts to try to move on from a surprise cut to its profit outlook for 2019 earlier this month that hit its shares.
* Chemicals, Materials accounted for 83% of fall in Q2 profit
* GRAPHIC-World FX rates in 2019: http://tmsnrt.rs/2egbfVh (Updates to close of U.S. markets)
German shares drove Europe lower on Tuesday after a profit warning from chemicals giant BASF citing trade friction put chemical and auto makers on the back foot, while a slump in copper prices knocked mining stocks. | Video
* Ocado gains after affirming forecast (Updates to close, adds quote)
FRANKFURT BASF shares fell almost 7% early on Tuesday after an overnight profit warning in which the German chemicals giant citing trade friction forecast a 30% fall in adjusted annual operating profit instead of a rise.
* China output could fall further -analyst (Adds analyst note)
July 9 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.
* BASF to cut 6,000 jobs by 2021 (Adds detail from earnings statement)
FRANKFURT, July 8 German chemicals giant BASF on Monday lowered its 2019 outlook and announced it would cut 6,000 jobs, blaming a downturn in automotive markets and the North American agricultural sector for weaker second-quarter results.