22 June 2012 11:15 [Source: ICIS news]
LONDON (ICIS)--European chemical stocks were down on Friday, in line with financial markets, after ratings agency Moody’s downgraded 15 global banks.
On Thursday, the ratings agency downgraded the banks, which included HSBC, Credit Suisse and Barclays, citing significant exposure to market volatility.
Moody's global banking managing director Greg Bauer said all of the banks affected by the downgrades are at risk of outsized losses inherent to capital markets activities.
At 08:29 GMT on Friday, the ?xml:namespace>
With European indices trading lower, the Dow Jones Euro Stoxx Chemicals index was down by 1.98%, as shares in many of
Belgium-based Solvay’s shares were trading down by 4.38% from the previous close.
Investor confidence was also hit late on Thursday by concerns over global growth, after
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