08 June 2012 12:14 [Source: ICIS news]
LONDON (ICIS)--European chemical stocks fell on Friday, in line with financial markets, following the downgrade of ?xml:namespace>
Fitch said it downgraded the country’s rating because of the high fiscal cost of restructuring and recapitalising the Spanish banking sector, and the likelihood that
“The negative outlook on Spain's sovereign ratings indicates a heightened risk of further downgrades and primarily reflects the risks associated with a further worsening of the eurozone crisis,” said Fitch.
According to an unconfirmed report by news agency Reuters earlier on Friday,
At 10:01 GMT, the
With European indices trading lower, the Dow Jones Euro Stoxx Chemicals index was down by 0.52%, as shares in many of
France-based Arkema’s shares were trading down by 1.33% from the previous close.
Continued fears over the eurozone were also having an impact on crude oil prices.
At 10:30 GMT, the front-month July ICE Brent contract fell to $98.10/bbl, a loss of $1.83/bbl from the last close.
At the same time, the front-month July NYMEX WTI contract was trading around $82.70/bbl, a loss of $2.12/bbl against the previous close.
Earlier in the week, European financial markets had improved on expectations that the European Central Bank (ECB) would cut interest rates and provide the troubled economies with more financial stimulus. However, on Wednesday the ECB held interest rates at 1.0%.
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