22 September 2011 17:20 [Source: ICIS news]
LONDON (ICIS)--European chemical stocks fell further as markets closed on Thursday following a series of gloomy outlooks for the global economy.
Christine Lagarde, managing director of the International Monetary Fund, said the path to global recovery was narrower than it was three years ago and called for urgent action.
Meanwhile, president of the World Bank, Robert Zoellick, said the world's economy was "in a danger zone" and that Europe, Japan, and the US must act to address their economic issues before they become bigger problems for the rest of the world.
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On Wednesday, the US Federal Reserve (Fed) - after painting a grim outlook for the nation’s economy - had also failed to win over investor confidence after announcing steps designed to lower long-term
The Dow Jones Euro Stoxx Chemicals index at closing on Thursday was trading down by 4.59%, as shares in many of
Top European producers were hit hard – petrochemical major BASF’s shares had dropped 5.08%, while fellow Germany-based Bayer had fallen 4.65%. Dutch coatings firm AkzoNobel was down 4.53%, and France’s Arkema had fallen steeply by 8.12%.
Markets also continue to be spooked by economic uncertainty in the eurozone amid fears over Italian and Spanish debt and unrest in
Asian petrochemical shares also dropped on Thursday with
Meanwhile, north American chemical stocks fell sharply on Thursday as the Dow Jones Industrial Average (DJIA) plummeted by nearly 324 points, continuing a rout that started on Wednesday. The index fell by 2.91% to reach 10,801.15 at 10:56
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