Markets

European stocks extend losses on BASF warning and Deutsche Bank's fall

2019-07-09 12:12:39 GMT (Economies.com)

European shares tumbled on Tuesday morning, extending losses for the third consecutive session as a profit warning from the chemicals giant BASF dampened investors' sentiment, while Deutsche Bank continued to plummet after announcing a massive restructuring in one of Germany's largest investment banks .

 

As of 11:21 GMT, Stoxx Europe 600 fell by 0.4% and the index ended yesterday's session lower by 0.1%, the second daily loss in a row, with corrections and profit taking continuing from the highest level in a year.

 

The Stoxx Europe Index fell on Tuesday morning to continue its losses for the third session in a row, with most of Europe's main stock exchanges and sectors in the red zone.

 

Chemical companies topped the list of losers in Europe with a fall of more than 2.0%, followed by the shares of automakers.

 

BASF Germany, the world's leading chemical company, warned on Tuesday that its profit would fall below expectations in the second quarter of this year, warning of a slowdown in the automotive sector, which led the company's index to fall by about 6%.

 

Deutsche Bank fell more than 1.5%, extending losses for the second consecutive session, after a 5.4% decline yesterday after one of Germany's largest investment banks began cutting 18,000 jobs under a massive reorganisation plan at a cost of 7.4 billion euros.

 

Euro Stoxx 50 index fell by 0.4%, with France's CAC 40 index falling by 0.3%, Germany's DAX lost more than 0.9% to top the list of losing markets in Europe, while in London, the FTSE 100 fell by less than 0.1%.

 

The S&P 500 futures fell more than 0.4%, as the index ended yesterday's session down by 0.5%, the second consecutive daily loss, with corrections and profit taking continuing after hitting a new record high of 2,995.84 points.

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