Europe chems fall for second day on recession fear

22 January 2008 09:33  [Source: ICIS news]

Europe chemicals down on global recession fearLONDON (ICIS news)--European chemical stocks continued to fall on Tuesday over continuing fears that the US economy may fall into recession, prompting a global economic slowdown.


The Dow Jones Euro Stoxx Chemicals index fell 3.3% in the morning (08:46 GMT) after a drop of over 5% on Monday.


Europe’s top chemicals producers all saw significant losses, with the BASF share dropping 2.7%, Bayer down 3.3% and Akzo Nobel losing 4.5% in value.


Among the biggest losses in European chemicals were Clariant, Ciba Specialty chemicals and Arkema, with shares falling 9.6%, 5.9% and 5.4% respectively.


Germany’s DAX index was trading down 3.2% but London’s FTSE 100 bucked the trend with a 0.5% gain, following a 5.5% loss at Monday’s close.


Earlier, Asian markets had tumbled with Japan's Nikkei index closing down 5.7%, taking its decline this year to 18%.

By: Mark Watts
+44 20 8652 3214

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly