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Europe chemical stocks rise on US debt default agreement

August 01/2011

(ICIS) -- Stocks in the European chemicals sector were lifted by a rally in global markets on Monday after US leaders reached an agreement to avoid the country defaulting on its debt obligations.
President Barack Obama said that under a proposed deal, which will be put to a vote in the US Senate and the House of Representatives later on Monday, the US debt ceiling would rise by up to USD 2.4 trillion (EUR 1.7 trillion).

In early afternoon trading, the Dow Jones Euro Stoxx Chemicals index was trading up 0.75%, indicating that many of Europes major chemical companies had experienced some gains. Among Europes top producers, Germany-based major BASFs shares had risen 1.34%, France-based Arkema was up 1.03%, while shares of Norway-based fertilizer producer Yara grew 1.15%
European stock markets reacted positively to US Congressional leaders agreeing on raising its borrowing cap.

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