08 August 2011 17:59 [Source: ICIS news]
LONDON (ICIS)--Stocks in the European chemical sector were dragged further down by a sharp fall in the global markets on Monday following the US debt downgrade by Standard & Poor’s and on continuing fears over the eurozone’s debt crisis.
At 15:47 GMT the Dow Jones Euro Stoxx Chemicals index was trading down 4.53%, as shares in many of ?xml:namespace>
Among Europe’s top producers, German major BASF’s shares had dropped 4.61% at 16:20 GMT, Bayer had fallen 3.52%, Dutch coatings firm AkzoNobel was down 4.61%, while
The European Central Bank’s (ECB's) decision on Sunday to step into the bond markets and buy Italian and Spanish debt in order to ensure eurozone price stability appeared to have had little positive impact in an extremely nervous market environment which mirrored sentiment in Asia.
At 16:21 GMT, the
Share prices had dropped sharply in
The market turmoil helped drive oil prices lower.
At 16:00 GMT, Brent September futures were at $105.99/bbl, down $3.38/bbl, while September WTI was down $3.19/bbl at $83.69/bbl. Naphtha was trading around $894–902/tonne, down $1/tonne.
($1 = €0.70)
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