Europe chem shares fall as fears over eurozone economy continue

29 March 2012 18:08  [Source: ICIS news]

LONDON (ICIS)--Shares in European chemical companies fell on Thursday in line with financial markets, as concerns over economic growth in the eurozone continued to affect investor confidence.

According to media reports, investors have been waiting for European finance ministers to agree on the total bailout figure for indebted eurozone countries at a meeting scheduled in Copenhagen, Denmark, on Friday.

At 15:12 London time, the UK’s FTSE 100 index was trading 1.28% down on its previous close. Germany’s DAX was down by 1.96% and the CAC 40 in France was down by 1.06%.

The Dow Jones Euro Stoxx Chemicals index was trading down 1.23%, as shares in many of Europe’s major chemical companies dropped.

Germany-based chemical major BASF stocks were trading down by 2.20%, while shares in Swiss specialty chemicals company Clariant was trading down 1.29%.

German chemical major Bayer was down 1.66%, and France-based chemical firm Arkema had fallen by 1.43%.

Investor confidence was also hit by protests in Spain this week over the government’s austerity measures.

On Tuesday, the Organisation for Economic Cooperation and Development (OECD) urged finance ministers to increase the bailout fund “to at least €1,000bn [$1,333bn]”.

OECD secretary-general Angel Gurria said on Tuesday that the current level of commitment to the rescue fund is not enough to restore market confidence.

($1 = €0.75)

Read Paul Hodges’ Chemicals and the Economy blog

By: Leigh Stringer
+44 208 652 3214

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index