Asia top stories – weekly summary
ICIS Editorial
25-May-2020
SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 22 May 2020.
Asia
petrochemical shares, oil slump as China sets
no 2020 GDP goal
Shares of petrochemical firms in Asia slumped
along with oil prices on Friday on heightened
concerns about demand after China skipped
setting a GDP goal for the first time in 30
years.
Asia’s petchem demand
stays bleak in new norm uncertainty
Asia’s consumption for many plastics would be
limited even as countries ease their lockdowns
gradually, as the uncertainty surrounding the
new norm in a yet-to-foreseen success against
the coronavirus remains.
Thailand central bank
cuts policy rates to record low to shore up
economy
Thailand’s central bank has cut its policy
interest rates to a record low of 0.5%, in its
third monetary easing measure this year to
shore up an economy sagging under the weight of
the coronavirus pandemic.
Asian
petchem shares, oil prices rise on global
recovery hopes
Asian petrochemical shares rose on Thursday
while crude oil extended recent gains on hopes
of a recovery in global economic activity in
the second half of the year.
Asia
petrochemical markets track recent crude gains
as demand picks up
Asia’s petrochemical markets are tracking
recent gains in crude oil as demand has picked
up as more economies are gradually re-opening
from pandemic-induced lockdowns, but the
overall outlook is still riddled with
uncertainties.
India’s proposed 15%
‘covid tax’ draws ire from chemical
end-users
India is proposing to impose a 15% tax on all
chemical and petrochemical imports, to protect
the domestic industry in the current fiscal
year ending March 2021 as the south Asian
nation battles the coronavirus pandemic.
Asia’s EPDM market may
pick up on feedstock spike, tight supply and
modest demand
Asia’s ethylene propylene diene monomer (EPDM)
market may see upward price potential on rising
feedstock costs and as demand recovers
gradually with the easing of restrictions which
were imposed to contain the spread of the
coronavirus.
Iran
Group I base oils at risk of hitting record low
ahead of holiday
Discussions for Group I base oils from Iran
were still under pressure this week as demand
remained soft ahead of the long Eid ul-Fitr
holiday weekend.
Asian
petchem shares, oil prices mixed amid doubts on
new virus vaccine
Asian petrochemical shares and oil prices were
mixed on Wednesday as investors mulled over
fresh doubts cast on a promising coronavirus
vaccine that is currently on trial.
Japan
braces for a deeper Q2 downturn; global
recession to hit exports
Japan is bracing for a steeper downturn in
economic activity after slipping into a
recession, as the full impact of the
coronavirus pandemic on businesses, investments
and consumption will hit the second quarter.
Asia
petrochemical shares, oil gain on promising
results for coronavirus vaccine
Asian petrochemical shares and oil prices rose
on Tuesday amid hopes of a quick economic
recovery following positive data from an
early-stage trial for a coronavirus vaccine.
Asia
naphtha prices at two-month high on crude oil
jump; fundamentals choppy
Asian naphtha prices rose to a two-month high,
bolstered by a jump in crude oil futures amid
output cuts and hopes of a recovery in fuel
demand, even as market fundamentals are poised
to stay choppy.
Asia
petrochemical shares, oil prices rise on
further easing of lockdowns
Asian petrochemical shares rose on Monday in
cautious trade, while oil prices surged by more
than $1/bbl as more countries are gradually
lifting coronavirus-related restrictions on
business activity and people movement.
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