** While chemical companies remain cautious due to uncertainty and structural challenges, recent macro data point to early signs of positive economic momentum, Goldman Sachs says
** "We see an improving industrial backdrop as we anniversary US tariffs and from demand support from the US OBBB and German fiscal spending," GS adds
** Moreover, recent shifts in China's property policies and its anti‑involution initiatives are positive and should alleviate export pressures for Europe's chemical sector, GS notes
** The broker expects acceleration of EU chemical capacity closures, helping drive supply‑side rebalancing into 2027
** EU diversified chemicals look attractive, with margins expected to trough in FY25, management execution, and early signs of a cyclical turn - GS
** In diversified chemicals, the broker is now in line with 2026 consensus and ahead for 2027, while in ingredients it expects the weak consumer backdrop to drag on for longer
RIC
New Rating
Old Rating
Diversified Chemicals
BASF
BASFn.DE
Buy
Buy
Arkema
AKE.PA
Buy
Neutral
Evonik
EVKn.DE
Buy
Sell
Lanxess
LXSG.DE
Neutral
Sell
Syensqo
SYENS.BR
Buy
Buy
Clariant
CLN.S
Sell
Neutral
Consumer Ingredients
Kerry
KYGa.I
Buy
Buy
Novonesis
NSISb.CO
Buy
Buy
Symrise
SY1G.DE
Buy
Neutral
DSM-Firmenich
DSFIR.AS
Neutral
Neutral
Croda
CRDA.L
Sell
Sell
Givaudan
GIVN.S
Sell
Buy
Paints, Gases, Specialties
Akzo-Nobel
AKZO.AS
Buy
Buy
Air-Liquide
AIRP.PA
Buy
Buy
Umicore
UMI.BR
Neutral
Buy
(Reporting by Amir Orusov)
((Amir.orusov@thomsonreuters.com))
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