Europe chemical stocks bounce back from falls

18 March 2008 10:48  [Source: ICIS news]

LONDON (ICIS news)--European chemical stocks bounced back in early trading on Tuesday, following a general upward trend in global stockmarkets.

 

However, the early morning gains have yet to make up for Monday’s slump, which saw markets drop after JP Morgan Chase said it would buy out troubled investment bank Bear Stearns in a bid to stave off wider chaos in financial markets.

 

At 9.50 GMT, the Dow Jones Stoxx Chemicals index was up 2% on Monday’s close, with London’s FTSE up 2% and Germany’s DAX increasing 1.9%.

 

Akzo Nobel shares were up 1.6%, Lanxess were up 1.9%, while Bayer's were up 3.2% and BASF stocks rose 1.7%

 

The US Federal Reserve was predicted to cut interest rates again on Tuesday, this time by as much as one percentage point.

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Author: Lucy Craymer
+44 20 8652 3214

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