01 June 2012 14:39 [Source: ICIS news]
LONDON (ICIS)--European chemical stocks fell sharply on Friday, in line with financial markets, following weak global manufacturing data and concerns over the eurozone debt crisis.
Weaker-than-expected manufacturing data from China and Germany knocked investor confidence, along with further concerns over Greece and Spain’s economic instability.
At 12:42 GMT, the ?xml:namespace>
With European indices trading lower, the Dow Jones Euro Stoxx Chemicals index was down by 3.15%, as shares in many of
Weak manufacturing data and continued fears over the eurozone were also having a big impact on crude oil prices.
By 12:40 GMT, the front-month July ICE Brent contract fell to an intra-day low at $97.70/bbl, a loss of $4.17/bbl from the last close. The contract then edged higher to trade around $98.30/bbl.
At the same time, the front-month July NYMEX WTI contract was trading around $83.00/bbl, having touched an intra-day low at $82.56/bbl, a loss of $3.97/bbl against Thursday’s close.
Additional reporting by Kawai Wong
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