Europe chem stocks, markets fall on Portugal worries, Egypt tension

03 July 2013 11:29  [Source: ICIS news]

LONDON (ICIS)--Chemical stocks fell on Wednesday, following European markets down as a political crisis in Portugal worsened and crude rose sharply on escalating tension in Egypt.

The Dow Jones Euro Stoxx chemicals index was down by 0.82% at 10:10 London time (09:10 GMT), with shares lower in almost all of the companies included within it.

France’s Arkema was down by 2.92% on the previous close, Germany’s BASF and LANXESS were 0.76% and 1.35% lower respectively, while Belgium’s Solvay fell by 0.92%.

All the main European markets were down around the same time on Wednesday morning.

The UK’s FTSE 100 was lower by 1.44%, France’s CAC 40 fell by 1.81% while Germany’s DAX declined by 1.49% from the previous close.

In Portugal, the resignation of two ministers earlier this week has led to concerns over a potential collapse of its coalition government and the impact of that on the country’s ability to stick to its bailout agreement.

Elsewhere, crude oil futures rose sharply on growing tension in Egypt ahead of a Wednesday afternoon deadline set by the nation’s army for the government resolve its current political crisis.

By: Graeme Paterson
+44 20 8652 3214

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