Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 11 November.

UK’s economic output falls 0.2% in Q3, manufacturing hardest hit
The UK’s GDP fell 0.2% in the third quarter, compared with the second, as the services sectors stalled and chemicals and wider manufacturing sectors posted falls in output, the Office for National Statistics (ONS) said on Friday.

Brenntag to double M&A war chest, expand digital focus
Brenntag has doubled its annual mergers & acquisitions (M&A) budget with an eye to investing beyond the chemicals distribution space to enhance its data and technology offering

EU, Germany weighed down by red tape, LANXESS not planning new German capacities – CEO
LANXESS has no current plans to invest in new chemical production capacity in Germany, the CEO of the producer said on Wednesday, citing “red tape” in Europe and high energy pricing.

INSIGHT: ICIS price indexes continue extended downtrend on demand concerns
ICIS petrochemical indexes started to turn down in mid year, with the NE Asia IPEX taking a lead on coronavirus lockdowns and deepening concern about China’s rate of economic growth.

Global IPEX falls 3.6% on declines across regions
The ICIS Petrochemical Index (IPEX) fell 3.6% month on month in October, as petrochemical prices continued to drop across regions, with demand weakening in light of uncertain economic conditions.

INSIGHT: INEOS O&P Europe investments tackling plastics circularity
Demonstrating confidence in the technology and a desire to move at scale, INEOS Olefins & Polymers signed a memorandum of understanding (MoU) with Plastics Energy last month for a 100,000 tonne/year pyrolysis oil plant in Cologne, Germany.

Germany’s gas-thirsty chemicals still at risk of shutdowns – analysts
Risks of shutdowns in German chemicals plants dependent on natural gas for electricity production during the winter remain, despite storage levels at highs and gas prices in Europe easing, according to analysts at Oxford Economics.