Americas top stories: weekly summary
ICIS Editorial
02-Sep-2024
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.
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