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Europe chemical stocks, commodities stabilise on Federal Reserve reassurance

August 10/2011

(ICIS) -- European chemical company share prices showed slight gains as global markets steadied after a week of sell-offs, while oil and chemical commodity prices also rose slightly early on Wednesday.

Falling prices in markets across the world were halted by the US central banks decision to keep interest rates in the worlds biggest economy at historic lows.

Despite a raft of strong second-quarter results, chemical firms shares prices had followed most world stock markets downwards in the week to 9 August, on the back of concerns over fiscal stability in the US and Europe and fears that major Western economies could be facing a double-dip recession.

However, stocks and commodities rallied on Tuesday and Wednesday after the US central bank, the Federal Reserve, announced that it would keep interest rates at historic lows near 0% for at least two more years, with policy makers in Europe and Asia likely to follow suit.

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