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C-MACC Sunday Thematic & Weekly Recap 154
Premature Enthusiasm: China’s Economy May Not Balloon in ‘23
- We recently noted a more upbeat tone in 2023 expectations, including a revised upward forecast from the IMF – we believe it is too soon to declare victory.
- Lower energy prices could reverse quickly for a host of reasons – and the more positive demand expectations are too dependent on all going right in China.
- We argue that geopolitics are deteriorating – whether it is Russia, China invading US airspace, or just the unhappiness with the inequality of climate change policy.
- Earnings reports suggest cutback operations in chemicals while the oil companies work out where to spend their money – possibly on chemicals.
- Otherwise, we evaluate the earnings from LyondellBasell’s refinery in the context of its carbon footprint and argue that a shutdown may be premature.
Last week we discussed 22 Chemicals and Related Products and 131 Companies.
See PDF below for all charts, tables and diagrams