BASF cuts full-year profits forecast

Shares in Germany's BASF have dipped more than 5% after the chemicals group cut its full-year profit forecast and reported disappointing sales.

The company cited the economic slowdown in China as a key factor in the weak sales, which fell 5% to €17.4bn (£12.5bn) between July and September.

Lower oil prices also contributed to the fall in sales.

BASF said it was now "unlikely" to see sales growth for the full year, as previously forecast.

"The economic environment clouded over in important emerging markets, especially in China," the world's biggest chemicals company said.

This meant underlying profits "will probably not match the previous year's level, but will instead see a slight decrease", it added.

In the eyes of investors, this was more significant than a modest rise in net profit to €1.2bn in the third quarter.