22 October 2008 16:42 [Source: ICIS news]
LONDON (ICIS news)--Chemicals shares fell further on Wednesday as European stock markets dropped over renewed fears of a global recession and a deepening of the financial crisis.
At 14:29 GMT, the UK-based index FTSE was down 4.36%, ?xml:namespace>
Chemicals shares have dropped significantly during the past few weeks, with the Dow Jones Eurostoxx chemicals index losing more than 30% of its value in a month.
The Bank of England’s governor Mervyn King has said that the
The country’s Prime Minister Gordon Brown also said the economic downturn was likely to cause a recession.
On Tuesday, the International Monetary Fund (IMF) said more European banks may fail due to continued worries about the viability of their business models.
In a six-monthly study it said private funding was virtually unavailable and that banks were forced to reply on public intervention, asset sales and consolidation.
It also warned that growth in the eurozone would almost grind top a standstill next year.
($1 = €0.76/Swfr1.15)
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