16 October 2008 17:36 [Source: ICIS news]
(Releads and updates throughout)
LONDON (ICIS news)--European chemicals stocks took further losses on Thursday as confidence in the markets weakened further over fears of a worldwide recession.
The crude oil markets fell by more than $3/bbl on Thursday when this week’s US stock figures from the Energy Information Administration (EIA) showed much larger than expected builds on crude and gasoline.
Crude has fallen 50% since hitting all-time record highs above $147/bbl in July following drastic cuts in demand growth.
US stocks on the Dow Jones Industrial Average (DJIA) continued falling on Thursday, losing 254 points - or 3% - in early trading.
Germany, Europe's largest chemicals producer, was said to be on the brink of recession earlier this week after think-tanks in the country forecasted economic growth would almost grind to a halt next year.
Chemical employers group Bundesarbeitgeberverbrand Chemie (BAVC) also painted a pessimistic outlook for the industry.
Citigroup on Wednesday cut price targets for most of its
To discuss issues facing the chemical industry go to ICIS connect
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.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections