European markets react to growing concerns over swine flu

27 April 2009 15:41  [Source: ICIS news]

LONDON (ICIS news)--Chemicals stocks were down marginally on European exchanges on Monday as markets reacted to growing global concerns about the spread of swine flu.

Europe’s first case of swine flu had been confirmed in Spain and the EU called an urgent meeting of health ministers for Thursday.

Cases have been reported in Spain, France and Scotland, according to the European Centre for Disease Prevention and Control (ECDC). 

EU health minister Androulla Vassiliou had urged Europeans not to travel to Mexico or the US “unless it is very essential to them”. 

BASF's stock was down 1.6% at 15:44 CET on Monday, while the DAX index was 1.1% lower and the FTSE 100 was down 0.9%. Bayer was down 1.2%, AkzoNobel 1.0% and Air Liquide 1.1%.

Roche, the maker of flu treatment Tamiflu, was up 5.5% and GlaxoSmithKline, maker of Relenza, was up 5.5%.

The swine flu outbreak originated in Mexico, which had reported 1,455 probable cases, according to the Pan American Health Organization (PAHO) on 26 April.

The number of confirmed cases in the US had risen to 20, said the US Centers for Disease Control and Prevention (CDC), and suspected cases had been reported from Canada, New Zealand, Israel and Columbia.

Financial markets had reacted nervously to the swine flu outbreak, with some declines in Asia.

European analysts suggested that airlines and tour operators would be among the hardest hit stocks but that early hopes for a resumption of economic activity could be hit.

The World Health Organization (WHO) is coordinating the global response to human cases of swine influenza A (H1N1) and monitoring the threat of an influenza pandemic.

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By: Nigel Davis
+44 20 8652 3214

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