Europe chem stocks fall after Moody’s downgrades 15 global banks

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 UK’s FTSE 100 financial market was down by 0.91%, Germany’s DAX fell by 1.31%, and the CAC 40 in France was down by 0.87%.

With European indices trading lower, the Dow Jones Euro Stoxx Chemicals index was down by 1.98%, as shares in many of Europe’s major chemical companies were down from the previous close.

Petrochemical major BASF’s shares were down by 2.27%, while fellow Germany-based chemical company Wacker Chemie’s shares were trading down by 2.58%.

Shares in Germany’s LANXESS were down by 3.96%, while Switzerland-based company Clariant’s shares were trading down by 4.42% from the previous close.

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 China, the US and the eurozone released weak economic data.

By: Leigh Stringer
+44 208 652 3214

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