Europe chem stocks fall on manufacturing data, eurozone concerns

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 UK’s FTSE 100 was down by 0.86%, Germany’s DAX had dropped by 2.78%, and the CAC 40 in France was down by 1.90%.

With European indices trading lower, the Dow Jones Euro Stoxx Chemicals index was down by 3.15%, as shares in many of Europe’s major chemical companies fell from the previous close.

Petrochemical major BASF’s shares had fallen by 3.57%, while fellow Germany-based chemical company Bayer’s shares were trading down by 3.23%.

Shares in Germany’s LANXESS were down by 4.72%, while Switzerland-based company Clariant’s shares were trading down by 2.98% from the previous close.

France-based Arkema’s shares were trading down by 3.78% from the previous close.

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

By: Leigh Stringer
+44 208 652 3214

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