The German chemical company BASF has cut its expectations for this year. The chemical giant points to the deteriorated market conditions, among other things due to the continuing trade war and slowing economic growth.

The gross profit (EBIT) for one-off items is expected to be 30 percent lower than a year earlier, the company reports in an interim trade update. Initially, a slight increase was expected. Turnover was also expected to increase slightly by 1 to 5 percent, but on closer inspection that will now also be a slight decrease.

BASF has been struggling for some time with a subdued demand for chemicals from customers in the automotive and electronics sectors. The company from Ludwigshafen announced last month that it would be going through major reorganisations in order to save costs. Over the next two years, 6,000 jobs will be cut at the group.

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