US stocks fall moderately amid China trade dispute

19 June 2018 21:52 Source:ICIS News

HOUSTON (ICIS)--US-listed chemical stocks fell moderately on Tuesday with the general stock market after President Donald Trump threatened more tariffs against China.

On Monday, Trump asked the US Trade Representative to find $200bn worth of Chinese imports on which the US could impose 10% tariffs.

Trump said he was responding to China's proposal to impose tariffs on $50bn worth of US imports. The Chinese proposal was in retaliation against a US proposal to impose tariffs on $50bn worth of goods.

Both proposals target several petrochemicals.

Following the tit-for-tat tariff threats, stock markets in Europe and Asia traded lower.

In the US, the Dow Jones Industrial Average fell by 1.15%. The S&P 500 fell by 0.40%.

While the two indices were down moderately, neither have broken the highs reached at the end of January, illustrating the pressure that the trade dispute has imposed on the market.

Nonetheless, market participants and even some chemical executives have had a muted response to the proposed tariffs.

They say the tariffs will alter trade flows, but they will not alter overall demand for petrochemicals. The US and China exports will remain the same. They will just send shipments to different countries.

Trade groups in the US have been much more alarmed. The American Chemistry Council (ACC) has said that the US industry has been thrown on to the front lines of a trade war with China.

In the stock markets, the biggest winner was US-based fertilizer producer CF Industries, which rose by 3.07%. The biggest loser was chlor-alkali and epoxy-resin producer Olin, which fell by 4.26%.

The table below lists the performance of the US listed chemical stocks followed by ICIS.

Name $ Current

Price

$ Change % Change
CF Industries Holdings Inc 45.95 1.37 3.07
Platform Specialty Products Corp 11.91 0.34 2.94
Petroleo Brasileiro SA Petrobras ADR 9.53 0.26 2.8
DCP Midstream LP 39.37 1 2.61
Ultrapar Participacoes SA ADR 12.73 0.23 1.84
Methanex Corp 69.75 1.15 1.68
Bunge Ltd 71.08 1 1.43
Alerian MLP ETF 10.33 0.14 1.37
Calumet Specialty Products Partners LP 8.15 0.1 1.24
Stepan Co 76.71 0.83 1.09
The Mosaic Co 29.25 0.27 0.93
Phillips 66 114.94 0.64 0.56
Occidental Petroleum Corp 83.79 0.46 0.55
Venator Materials PLC 17.77 0.08 0.45
W R Grace & Co 73.51 0.31 0.42
Ecopetrol SA ADR 20.55 0.07 0.34
Ingevity Corp 82.94 0.14 0.17
Ashland Global Holdings Inc 78.35 0.12 0.15
Cosan Ltd 7.87 0.01 0.13
Valero Energy Corp 116.69 0.15 0.13
Valvoline Inc 20.57 0.01 0.05
A. Schulman Inc 44.4 0 0
Kraton Corp 48.31 0 0
PQ Group Holdings Inc 17.65 -0.01 -0.06
Andeavor 138.25 -0.13 -0.09
NewMarket Corp 396.72 -0.4 -0.1
Nutrien Ltd 53.48 -0.07 -0.13
PBF Energy Inc Class A 47.34 -0.07 -0.15
AdvanSix Inc 40.7 -0.07 -0.17
Exxon Mobil Corp 80.67 -0.16 -0.19
Westlake Chemical Partners LP 24.7 -0.05 -0.2
Marathon Petroleum Corp 74.49 -0.3 -0.4
Westlake Chemical Corp 109.53 -0.47 -0.43
Albemarle Corp 92.87 -0.46 -0.49
LyondellBasell Industries NV 114.71 -0.61 -0.53
PolyOne Corp 43.14 -0.26 -0.6
Sociedad Quimica Y Minera De Chile SA ADR 49.57 -0.38 -0.76
Braskem SA ADR repr Class A 26.48 -0.21 -0.79
Cabot Corp 63.33 -0.52 -0.81
Enterprise Products Partners LP 28.02 -0.25 -0.89
Sherwin-Williams Co 398.34 -3.77 -0.94
Eastman Chemical Co 107.83 -1.09 -1
RPM International Inc 50.69 -0.51 -1
PPG Industries Inc 103.94 -1.07 -1.01
Ecolab Inc 144.93 -1.64 -1.12
Praxair Inc 158.47 -1.79 -1.12
Kronos Worldwide Inc 24.5 -0.28 -1.13
FMC Corp 88.62 -1.25 -1.39
Trinseo SA 72.25 -1.1 -1.5
The Chemours Co 48.65 -0.81 -1.64
Axalta Coating Systems Ltd 30.48 -0.52 -1.68
H.B. Fuller Co 53.12 -0.97 -1.79
Celanese Corp 114.57 -2.39 -2.04
Huntsman Corp 32.55 -0.72 -2.16
DowDuPont Inc 66.23 -1.56 -2.3
Tronox Ltd 19.66 -0.47 -2.33
Olin Corp 29.01 -1.29 -4.26

Source: Morningstar

By Al Greenwood