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Shares of petrochemical companies in Asia tumbled on Friday

August 05/2011

(ICIS) -- Shares of petrochemical companies in Asia tumbled on Friday in line with sharp falls across regional bourses on concerns over a possible demand slump, with fears of a double-dip recession hounding the global markets. The Asian markets took the cue from the 4.31% plunge in US equities overnight, which was accompanied by a slump in US crude prices.

Recent data from the US and the debt crisis in the eurozone do not inspire confidence about the strength of the recovery of the global economy from the 2009 recession. In the US, consumer spending fell for the first time in nearly two years, logging in a 0.2% decline, while its manufacturing sector grew at its lowest rate in two years in July.

There are concerns that the troubles in the western economies may drag down Asian economies, which managed to recover faster from the global recession, but are currently dealing with high inflation.

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