15 May 2012 17:45 [Source: ICIS news]
As a result of the unsuccessful meetings, new elections will be held in June if a government is not formed by Thursday’s deadline. Greece's president, Karolos Papoulias, will meet with political leaders on Wednesday to form an interim government until the election.
At closing, the
With European indices trading lower, the Dow Jones Euro Stoxx Chemicals index was down by 1.04% as shares in many of
Germany-based chemical company LANXESS’s shares were trading down by 1.53%.
Earlier on Tuesday, European chemical stocks and financial markets were up slightly, as the latest GDP figures showed the region narrowly avoided going into recession.
GDP remained stable at 0.0% in both the eurozone and the 27-member EU during the first quarter of 2012 compared to the previous quarter, said statistics agency Eurostat.
In the fourth quarter of 2011, both the eurozone and EU’s GDP contracted by 0.3%. A recession is defined by GDP contracting in two consecutive quarters.
On a year-on-year basis, eurozone GDP was also flat in the first quarter of 2012 at 0.0%, while the EU increased by 0.1%, it added.
However, concerns over
Meanwhile, Francois Hollande was sworn in as French president this morning and is set to meet
Read Paul Hodges’ Chemicals and the Economy blog
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