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European chemical stocks fell on Monday

September 12/2011

(ICIS) -- European chemical stocks fell on Monday as global markets made further losses from Friday due to continuing fears over the eurozones debt problems and a sharp drop in bank shares following the recommendation of UK banking reforms.

At 09:43 GMT Barclays was trading down 1.15%, HSBC Holdings was down 1.50%, while shares in Royal Bank of Scotland Group had fallen 0.42%. The Dow Jones Euro Stoxx Chemicals index at 09:46 GMT was trading down 2.42%, as shares in many of Europes major chemical companies fell.
Top European producers were hit hard petrochemical major BASFs shares had dropped 2.85%, while fellow Germany-based Bayer had fallen 3.22%. Dutch coatings firm AkzoNobel was down 2.44%, and Frances Arkema had fallen by 1.67%.

Belgiums Solvay had fallen 3.65%, France-based industrial gases company Air Liquide was down 3.16%, while Germanys Linde was down 1.29%. Catalysts maker and precious metals trader Johnson Matthey of the UK was down by 1.46% and Swiss specialties maker Clariant was trading down 2.49%.

Asian petrochemical shares also dropped on Monday on renewed concerns on the sovereign debt crisis in the eurozone and its dampening impact on global demand.

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