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European shares fall as BASF profit warning hits German stocks

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European shares fall as BASF profit warning hits German stocks

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.

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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.



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