and staff cuts of 18,000 was met with a stock price drop of more than 5.4%.
Shares in other chemical companies from Bayer to Lanxess and Wacker Chemie are also down in early trade. Autos could also suffer as BASF cited a downturn in automotive markets. Helped by scaled-down expectations of Fed easing later this month – where only a quarter-point cut is now priced into futures markets – the dollar’s DXY index rose to its highest in almost three weeks.
Italy’s 50-year government bond yield rose sharply following news that Rome will tap its ultra-long dated bond to take advantage of recent positive sentiment.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: