Europe chem stocks fall on debt fears, Greece confidence vote

04 November 2011 17:56  [Source: ICIS news]

LONDON (ICIS)--European chemical stocks ended in negative territory on Friday, in line with regional markets, as concerns resurfaced over the eurozone debt crisis and nervous traders awaited the outcome of a confidence vote for Greek Prime Minister George Papandreou.

European chemical stocks tumbled on 1 November following a sharp fall in the global markets after Papandreou announced that Greece would hold a referendum on the latest bail-out package to solve its debt crisis.

However, on Thursday, Papandreou appeared to have dropped his plans for a referendum after coming under pressure at the G20 summit in Cannes, France. Papandreou now faces a confidence vote in the Greek parliament later on Friday that could lead to him being ousted.

But investors remain worried that Greece might default on its debts and cripple European banks.

The UK’s FTSE 100 index finished down by 0.05%, but Germany’s DAX was lower by 2.67%, and the CAC 40 in France down 2.12%.

At the same time, many other European indices were trading lower with the Dow Jones Euro Stoxx Chemicals index down by 2.19%.

Germany-based chemicals major BASF’s shares had fallen 3.77%, while Dutch coatings firm AkzoNobel was down 1.35%. LANXESS was down by 1.02%, while fellow Germany-based chemical company Bayer’s shares were down 3.72%.

France-based companies Arkema and Air Liquide were down 1.44% and 1.67% respectively.


By: Franco Capaldo
+44 (0)20 8652 3214



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