BASF SE fired a warning shot across industries, as the world’s largest chemical company said slowing markets from cars to crops and the impact of the U.S.-China trade war threaten to cut profit by 30 per cent this year.
The projected drop in earnings before interest, taxes and special items was “mainly due to the trade conflicts,” BASF said late Monday. Tensions between the U.S. and China haven’t eased as expected, and that has slowed decision-making and investments in key markets including the Asian country. BASF doesn’t see the situation improving in the second half of 2019.
Two weeks ago, Daimler AG cut its profit outlook for the third time in a year, and analysts at DZ Bank expect a further deterioration for the Mercedes-Benz maker. This week, Deutsche Bank AG said it would cut 18,000 jobs globally amid a huge restructuring. While a cut to BASF’s growth forecast was “something of a given,” according to an earlier Berenberg report, the extent of the earnings collapse was a surprise. BASF traded 5.7 per cent lower as of 12:12 p.m. in Frankfurt. Covestro slipped 4.7 per cent, while Lanxess was down 3.9 per cent.
Lets not forget all those bad policies that helped the Germans get where they are today. Spending billions on failed climate policies is a huge factor in Germany's race to recession. This is foreshadowing on what Trudeau plans for Canada wake up people.
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