04 June 2012 07:29 [Source: ICIS news]
Crude futures declined by more than $1/bbl (€0.81/bbl) on Monday, extending the heavy losses last week, with data on US jobs and on China’s manufacturing sector on 1 June painting a bleaker outlook on the global economy.
Unemployment rate in the
Crude prices weighed on the prices of key petrochemical products in the region, with benzene hitting a six-month low and toluene declining to its lowest in 16 months on Monday.
Fears about the eurozone breaking up amid the ongoing debt crisis in the region are also plaguing the commodities in equities markets.
Shares of petrochemical companies in
Japan’s Mitsui Chemicals slumped by 5.75%, Mitsubishi Chemical fell by 4.76% and Asahi Kasei dipped by 0.73%, with the Nikkei 225 index slipping by 171.34 points or 2.03% to 8,268.76.
The Shanghai Composite Index in
“It is not good that both the
“Of course, [the] eurozone still needs to provide a game plan on how to save the euro,” it said.
The Dow Jones industrial average was at its lowest level since December 2011, according to DBS Bank Research, adding that the “larger worry is the negative spillover from the eurozone sovereign debt crisis on the
Market players will be eagerly awaiting the testimony of US Federal Reserve chairman Ben Bernanke before the US Joint Economic Committee on 7 June about an indication for a possible third quantitative easing policy, in which the central bank injects the financial system with liquidity to boost the ailing
Read John Richardson and Malini Hariharan’s blog – Asian Chemical Connections
($1 = €0.81)
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