US economic conditions are ‘ominous”, and may worsen into 2009, according to Dow CEO, Andrew Liveris. “A month ago we might have said … the US slowdown could be bottoming, but I don’t think it is bottoming,” Liveris said in response to analysts’ questions at an investor conference in New York. He added that “I […]
Chemicals and the Economy
US housing slows again
Financial markets have been buoyant in recent weeks, as I noted recently. But this is at odds with actual newsflow. The chart above, from Kevin Swift’s excellent weekly report for the American Chemistry Council, highlights once again the dire state of US housing. March should be a buoyant month for house sales. Yet existing home […]
US housing, China storms hit chemical demand
Andrew Liveris, Dow’s CEO, commented today that Dow now have ‘a total clampdown on costs and capital expenditure’. Whilst other CEO’s told the Financial Times that ‘rising oil prices, sagging consumer confidence and the on-going credit crunch’ are causing them to put in place ‘contingency plans to protect against the expected economic downturn’. Separately, Bill […]
A dip or a downturn?
Are we seeing just a dip in economic growth? Or are we at the start of a downturn that may run for months, or even years? The answer to this question lies in the US, which still accounts for 25% of global GDP, and where US consumer spending is 70% of US GDP. Optimists maintain […]
Buffett sells PetroChina
I mentioned PetroChina in the very first blog entry, when the stock was trading at $155 in New York. It seemed to me to typify the new mood of confidence that I was finding as I travelled in Asia on the 10th anniversary of the Asian financial crisis. Little did I think that just 3 […]
EPCA 2007
It seems likely that this week’s European Petrochemical Association annual meeting in Berlin will mark a turning point in the petchem cycle. Looking back over 2007, Boy Litjens, CEO of Sabic Europe, told ICIS@EPCA that performance this year had been ‘excellent’, and that they would ‘definitely report the best results ever’. He was also hopeful […]
Two swallows
This week has seen more downbeat news on US auto and housing sales. Ford said their total August vehicle sales were down 14% versus August 2006, and that their car sales were down by an amazing 34%. Toyota, who have been growing market share, said they were down 2.8% in total, and that their car […]
Every mania is based on an illusion
I first wrote about the subprime crisis two months ago, as it began to be noticed in the press. Housing represents an important source of chemicals demand, and so it seemed to have potentially major implications for the chemical industry. Since then, it has become clear that the crisis could have far-reaching implications, if not […]
Jump to page: