US chem shares fall as general market takes break from rally
HOUSTON (ICIS)–Most US-listed shares of the chemical companies followed by ICIS fell on Tuesday along with the general market, after a string of rallies.
The following shows the performance of the US-listed shares followed by ICIS.
|$ Change||% Change|
|Axalta Coating Systems||24.30||-0.87||-3.46|
General indices also fell, as shown in the following table.
|Dow Jones Industrial Average||27,272.30||-300.14||-1.09|
|Dow Jones US Chemicals Index||628.30||-8.24||-1.29|
|S&P 500 Chemicals Industry Index||627.73||-6.29||-0.99|
The declines took place following several days in which the stock market continued increasing. The rally quickened on Friday, when the US released labour statistics showing that employment increased in May.
The report raised expectations that the economic recovery could be sharper than initially expected.
Oil prices rose, as shown in the following table.
Oil prices rose even as companies began resuming production, following the passage of Tropical Storm Cristobal.
In Europe, chemical stock prices fell following confirmation of a 3.6% decline in eurozone first-quarter GDP and data of the sharpest German exports decline on record in April.
Subdued economic growth through 2019 amid supply gluts for many products is likely to weigh on investments in new export-oriented capacity in the next two years, according to shipping firm Odfjell.
In Asia, chemical shares were mixed.
The World Bank late on Monday said that global GDP this year will contract by 5.2%, the deepest global recession in eight decades despite unprecedented policy support.
Fresh tensions between the two Koreas kept markets wary.
Additional reporting by Tom Brown and Nurluqman Suratman
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