July 9, 2019 / 11:39 AM / a year ago

Specialty chemicals maker Lanxess confirms 2019 earnings forecast

BERLIN (Reuters) - German speciality chemicals group Lanxess confirmed its 2019 earnings forecast on Tuesday less than a day after BASF warned profit would fall well below forecasts given the global economic slowdown and the U.S.-China trade conflict.

Lanxess (LXSG.DE), whose products include synthetic rubber and engineering plastics, expects earnings to remain stable compared with the previous year despite the increasingly gloomy economy, it said in a statement.

Shares in the mid-cap stock, which earlier on Tuesday had lost as much as 5.9% in the wake of BASF’s (BASFn.DE) warning, recovered after it affirmed its guidance and were down 1.6% at 1118 GMT.

Reporting by Thomas Seythal; Editing by Edward Taylor

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