A financial trader at his desk at CMC Markets in the City of London, Britain, on April 11 2019. Picture: REUTERS/PETER NICHOLLS
Shares in BASF slumped almost 6% in Europe after the German chemicals giant issued what one trader described as a “shocking” profit warning, blaming a global slowdown and trade war between the US and China. “Indeed, companies have begun cutting their 2019 profit forecasts, citing the trade conflict as a reason.”
The dollar changed hands at ¥108.78, having risen in the previous session to its highest in more than a month. The dollar index versus a basket of six major currencies was also a touch higher at 97.432, while the euro dropped as low as 1.1204, its weakest level since mid June. Overnight in Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.4% but pared earlier losses, having traded at its lowest level since June 19.