13 February 2012 10:49 [Source: ICIS news]
LONDON (ICIS)--European chemical stocks rose on Monday as financial markets rallied on optimism that ?xml:namespace>
The Greek parliament on Sunday approved an unpopular package of new austerity measures demanded by the International Monetary Fund (IMF), the European Central Bank (ECB) and the EU.
At 09:55 GMT, the
With European indices trading higher, the Dow Jones Euro Stoxx Chemicals index was up by 0.61%, as shares in many of
Petrochemical major BASF’s shares had increased by 0.71%, while fellow Germany-based chemical company Bayer’s shares were trading up by 0.59%.
Shares in Germany-based fertilizer producer K+S and chemical firm LANXESS were trading up by 0.81% and 1.35% respectively.
France-based Arkema’s shares were trading up by 1.22% from the previous close, while shares in
On Friday, eurozone finance ministers set out additional measures that Greece, which is already in recession, must accept in order to receive further bailout funds of around €130bn ($171bn).
The Greek parliament was asked to ratify all cuts and reforms agreed with the IMF, the ECB and the EU by Sunday and also for
Many in the Greek government have voiced concern over the severity of the austerity measures required, with a number of politicians resigning in protest over the terms of the reforms included in the bailout agreement.
Public anger over the reforms, which include lowering the minimum wage by 20% and 15,000 public sector job cuts, led to tens of thousands of people protesting in Greece. Violent clashes with police outside Greece's parliament and across the country were widely reported.
Before receiving its bailout package, eurozone finance ministers on Wednesday must agree that
Germany's parliament must also vote to approve the package, while
Brent crude futures rose more than $1/bbl in early Asian trade on Monday as concerns over the eurozone debt crisis eased slightly.
($1 = €0.76)
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