10 November 2011 13:06 [Source: ICIS news]
LONDON (ICIS)--European chemical stocks fell further on Thursday as the EU warned of a new recession and markets declined on Italy’s record-high borrowing costs.
The European Commission forecast that real GDP growth in the region is likely to stall around the end of the year with some member state economies contracting. Its growth forecast for 2012 was cut to 0.5% from 1.8%.
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The commission's report said GDP in the EU would stagnate until 2013 when a return to slow growth of about 1.5% is expected.
European markets fell earlier on Thursday after yields on
Markets were also affected by
At 10.20 GMT, the
At 10.20 GMT, the Dow Jones Euro Stoxx Chemicals index was trading down 0.25%, as prices for the shares of some major
France-based industrial gases company Air Liquide was down 0.10%, while Dutch coatings firm AkzoNobel’s shares dropped sharply by 5.47%. German specialty chemicals maker LANXESS’s shares decreased 0.35% and Norwegian fertilizers producer Yara International’s shares dropped steeply by 1.68%.
($1 = €0.74)
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