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European chemical stocks rose on Friday

December 02/2011

(ICIS) -- European chemical stocks rose on Friday on talk that the eurozone leaders are close to agreeing closer economic integration to tackle the debt crisis. Investor confidence was restored after German chancellor Angela Merkel said in a speech to the German Parliament that a new EU treaty was needed to impose budget discipline on eurozone members.

Mrs Merkel promised concrete steps towards a fiscal union integrating the tax-and-spend polices of individual eurozone countries, with penalties for breaking the rules.We need budget discipline and an effective crisis management mechanism, she said. So we need to change the treaties or create new treaties. We are not only talking about a fiscal union, we are beginning to create it.

On Monday she is to meet French President Nicolas Sarkozy to agree on joint proposals to be put to a meeting of European leaders next week.

At 11:36 GMT Friday, the Dow Jones Euro Stoxx Chemicals index was trading up by 1.70%, as shares in many of Europes major chemical companies increased
Swiss specialty chemicals maker Clariant was trading up by 3.49%, while Germanys chemical major Bayer rose 0.90%.

German specialty chemicals maker LANXESS was up by 2.31% and France-based chemical major Syngenta  up by 3.01%. German chemical major BASF was up 2.88%. On Thursday, six central banks agreed a move to provide liquidity support to the global financial system.

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