01 November 2011 11:46 [Source: ICIS news]
LONDON (ICIS)--Stocks in the European chemical sector were dragged down by a sharp fall in the global markets on Tuesday, on news that ?xml:namespace>
Eurozone leaders on 27 October agreed a deal involving a 50% writedown of Greek debt, amounting to around €100bn ($139bn), alongside a second bail-out rescue loan of €130bn.
However, Greek prime minister George Papandreou said on Monday his country will hold a referendum to vote on whether to accept the new deal, following large-scale protests in
At 10:37 GMT, the
At the same time, the Dow Jones Euro Stoxx Chemicals index was trading down by 2.98%, as shares in many of
Top European producers were hit hard – German major BASF’s shares had dropped by 3.35%, Bayer had fallen by 2.61%, Dutch coatings firm AkzoNobel was down by 2.89%, and
Catalysts maker and precious metals trader Johnson Matthey of the
Markets were also rattled by news on Monday that the
Earlier on Tuesday, US crude futures prices fell by more than $2/bbl, undermined by a stronger US dollar and renewed European debt worries. At 09:12 GMT, December NYMEX light sweet crude futures (WTI) were at $91.55/bbl, down by $1.64/bbl from the previous close. Earlier, the
December Brent crude on
Equity markets fell sharply, with the Nikkei 22 Index in
Meanwhile, growth figures from the Office for National Statistics showed that the UK’s GDP grew by 0.5% in the third quarter of 2011.
“While we are not forecasting a recession in the
“Uncertainty has returned once again to markets. No doubt that the phone lines between
Additional reporting by James Dennis
($1 = €0.72)
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