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Chemical stocks continued to tumble as European markets fell further

October 05/2011

(ICIS) -- Chemical stocks continued to tumble on Tuesday as European markets fell further on fresh fears that Greeces debt problems will trigger a global economic downturn. Shares fell after eurozone finance ministers said they would delay releasing an EUR 8bn (USD 10.5bn) instalment of bailout cash to Greece to help it meet its debt obligations, following news that the country is likely to miss a budget deficit target.

The Greek government announced on Sunday that its deficit for 2011 is expected to be 8.5% of GDP, which although down from the 10.5% figure for 2010, is still above a 7.6% target set by the EU and the International Monetary Fund (IMF).

Ministers said Greece must show more progress to qualify for the next tranche of rescue funds.
At 09:40 GMT, the UKs FTSE 100 was trading 2.09% down on the previous day's close, Germanys DAX had fallen by 2.80% and the CAC 40 in France was down 2.53%.

The Dow Jones Euro Stoxx Chemicals index was trading down by 3.05% at 09:48 GMT, as shares in many of Europes major chemical companies fell.

Top European producers were hit hard German major BASFs shares had dropped by 3.11%, Bayer had fallen by 2.44%, Dutch coatings firm AkzoNobel was down by 1.43%, and Frances Arkema had fallen steeply by 8.90%.

Tags:Akzo Nobel, Arkema, BASF, Bayer.
Category:General News
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