03 October 2011 14:38 [Source: ICIS news]
LONDON (ICIS)--Stocks in the European chemical sector were being dragged down by a sharp fall in the global markets on Monday, on news that ?xml:namespace>
The Greek government announced on Sunday that its deficit for 2011 is expected to be 8.5% of GDP, which although down from the 10.5% figure for 2010 is still above a 7.6% target set by the EU and the International Monetary Fund (IMF).
The government blamed the missed target on a deeper-than-expected recession.
At 13:00 GMT, the
At the same time, the Dow Jones Euro Stoxx Chemicals index was trading down by 2.19%, as shares in many of
Top European producers were hit hard – German major BASF’s shares had dropped by 2.58%, Bayer had fallen by 2.82%, Dutch coatings firm AkzoNobel was down by 1.56%, and
Catalysts maker and precious metals trader Johnson Matthey of the
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