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
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