BERLIN (AP) — Shares in Germany-based chemicals maker BASF have dropped after the company issued a profit warning, citing factors that included declining global auto production, weakness in the North American agricultural sector and trade conflicts. BASF shares dropped 5.1% to 59.38 euros ($66.62) in early Frankfurt trading Tuesday. On Monday evening, the company said its preliminary second-quarter figures were significantly below both analyst estimates and its own expectations at the beginning of 2019. It said it now expects full-year earnings before interest and taxes to be up to 30% below last year’s, compared with its previous forecast of a slight increase. BASF warning cited slower-than-anticipated overall growth in industrial production, including a decline in the auto industry. It said demand for crop protection products was down, in part because of trade disputes.
BASF has cited the trade war between the US and China as it issued a major profits warning. The company said its net profit fell by more than half in 2018 to €1.3bn (£960m) from last year, mainly due to higher costs for raw materials such as iron ore and