By Ruhi Soni (Reuters) -Chemicals giant Dow Inc on Thursday beat third-quarter profit estimates and outlined plans to cut costs by $1 billion next year to combat soaring European energy prices and a looming recession, sending its shares up 5%. The company, however, forecast current quarter net sales below Wall Street expectations and a $400 million hit to core profit from cost and inflationary pressures. “We anticipate global energy markets to remain volatile in response to geopolitical dynamics as well as weather in the Northern Hemisphere, and continue to expect lower consumer spending, prim…