Europe stocks rebound on interventionist policies

14 October 2008 10:12  [Source: ICIS news]

LONDON (ICIS news)--Europe’s chemicals stocks continued to recover on Tuesday as state intervention increased investors’ confidence in the continent’s struggling financial markets.

 

Europe’s indexes rose sharply after Japan’s Nikkei index posted a record 14% gain, with the UK’s FTSE and Germany’s Dax both up around 3.8% in early trading.

 

The Dow Jones Stoxx chemicals index, which includes Europe’s major publicly traded chemicals companies, showed signs of recovery for the second day running and was trading 4.3% higher at 08:35 GMT than Monday’s close.

 

At the same time, German chemicals major BASF’s stock had risen 5.55% to €30.03 ($41), shares in counterpart Bayer increased by 3.90% to €45.33, while Dutch-based Akzo Nobel was up 2.56% to €30.19.

 

Several companies recorded gains of over 7%, including French specialties firms Arkema and Rhodia, Dutch producer DSM, Switzerland's Clariant and Norwegian fertilizer company Yara.

 

The US is expected to announce details of a plan to buy stakes in major national banks later, following steps by the UK and European leaders over the weekend.

 

($1 = €0.74)

 

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By: Mark Watts
+44 20 8652 3214

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