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Analysts cut Asian firms' 2019 profit outlook on trade worries

Oct 4 (Reuters) - Analysts have cut their earnings forecasts for Asian firms over the past month due to concerns over U.S-China trade tariffs and slowing global economic growth, Refinitiv data shows.

Over the past 30 days, analysts have cut 2019 net income forecasts for Asian firms by an average of 0.4%, the data shows.

Japan has led the earnings downgrades in the region, with a 1.4% cut, followed by Australia and Vietnam.

"We have downgraded Japanese equities to underweight. We believe they are particularly vulnerable to a Chinese slowdown with a Bank of Japan that is still accommodative but policy-constrained," said BlackRock in a note this week.

"Other challenges include slowing global growth and an upcoming consumption tax increase."

On the other hand, analysts have raised this year's earnings estimates for Taiwanese and Indian firm over the past month.

The move by a growing number of Taiwanese firms to bring production lines back home from China is seen boosting their exports and corporate earnings. Taiwan raised its 2019 economic growth forecast to 2.46% from 2.19% in August.

India's equities benchmark rose 4.1% last month, buoyed by a corporate tax cut to boost manufacturing and revive its weakening economy.

(Reporting by Gaurav Dogra and Patturaja Murugbaoopathy in Bengaluru; Editing by Mark Potter)