25 June 2012 12:15 [Source: ICIS news]
LONDON (ICIS)--European chemical stocks fell on Monday, in line with financial markets, as investors lost confidence after ?xml:namespace>
At 11:00 GMT, the
Spanish authorities have requested European financial aid of up to €100bn ($125bn) for recapitalisation of its financial institutions.
The request was made in a letter addressed to Eurogroup head Jean-Claude Juncker from
“Restructuring the banking sector is key to reinforce the confidence in the Spanish economy and to restore the conditions to proper access to credit by companies and households, thus for sustaining the recovery,” said Olli Rehn, vice president of the European Commission.
With European indices trading lower, the Dow Jones Euro Stoxx Chemicals index was down by 0.86%, as shares in many of
Petrochemical major BASF’s shares had fallen by 1.28%, while fellow Germany-based chemical company Bayer’s shares were trading down by 1.55%.
Shares in Germany-based fertilizer producer K+S and chemical firm Wacker Chemie were trading down by 0.67% and 1.01% respectively, while France-based Arkema’s shares were trading down by 2.52% from the previous close.
Crude oil futures also weakened on the back of rising concerns over
($1 = €0.80)
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