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.
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