May 8, 2019 / 7:39 AM / 2 months ago

Analysts slash Asian firms' 2019 profit outlook: Refinitiv data

FILE PHOTO: People cross a street in the Central Business District (CBD) one day before the opening session of the National People's Congress (NPC) in Beijing, China March 4, 2019. REUTERS/Thomas Peter

(Reuters) - Analysts are lowering their forecasts for Asian firms’ 2019 earnings, Refinitiv data showed, reflecting a negative sentiment amid slowing regional economic growth and concerns over Sino-U.S. trade tensions.

So far this week, analysts slashed their outlook for Asian companies’ 2019 earnings by 0.27 percent, the data showed.

South Korean firms led the earnings downgrades this week, followed by China and the Philippines.

The optimism about a Sino-U.S. trade deal waned after U.S. President Donald Trump announced a tariff hike on Chinese goods from coming Friday.

On Sunday, Trump tweeted that he would raise tariffs on $200 billion worth of Chinese goods to 25 percent from 10 percent by the end of the week and would “soon” target the remaining Chinese imports with tariffs, prompting investors to dump risky assets on Monday.

The MSCI Asia-Pacific index has fallen 2.3 percent this week. Chinese equities were the biggest losers in the region with a decline of 5.6 percent, followed by Hong Kong and Singapore with each declining over 3 percent this week.

(Graphic: Asian companies' profit estimates change - tmsnrt.rs/2DQlD0l)

(Graphic: Asian companies' sector-wise profit estimates change - tmsnrt.rs/2LlX29T)

Reporting by Patturaja Murugbaoopathy and Gaurav Dogra in Bengaluru; Editing by Rashmi Aich

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