Americas top stories: weekly summary

HOUSTON (ICIS)–Here are the top stories from ICIS News from the week ended 30 August.

ICIS Economic Summary: US economy slowing, not falling off a cliff
August started with reports of high weekly initial unemployment claims, a weak manufacturing PMI reading and a lackluster payroll report. Equity markets did not react well to this as evidenced by a three-day sell off. But the panic ended, a rebound ensued and we are back to where we were on 31 July as the underlying economic fundamentals of a late-phase business cycle remain. The economy is slowing, not falling off a cliff.

IPEX: Global spot index slips on lower prices in northeast Asia, US Gulf
The global spot ICIS Petrochemical Index (IPEX) slipped by nearly one-percentage point in the week ending 23 August, on the back of price falls in northeast Asia and the US Gulf.

Outages, demand supporting US ethylene prices at two-year highs
US ethylene spot prices have begun to decline but remain at two-year highs in both Texas and Louisiana after a series of cracker outages and improvement in derivative demand.

Argentina petchems to take time to feel benefits from cut to import tariffs
Argentina’s petrochemicals players are in a wait-and-see mode about the effects a cut to import tariffs announced this week could have in the market and whether it will lower prices which, for many materials, remain higher than global prices.

RAIL: US rail companies strike deals with unions months ahead of next bargaining round
US railroads Norfolk Southern (NS) and BNSF have reached tentative, five-year collective bargaining agreements with several labor unions four months ahead of the opening of the next collective bargaining round, the companies announced on Friday.