Demand Holds

While August has been brutal to chemical stocks, demand has shown no signs of deterioration. Chemical stocks have plunged about 18% since July 5. The S&P 500 is down 15% over the same period. There are, however, no signs that the stock plunge portends an extended period of weak demand, producers say (p. 7). Earnings have been exceptionally strong and in a CW sampling of producers last week all said that there was nothing unusual happening to demand. In the past two years, chemical markets have shrugged off weak growth and the recurring debt messes in the U.S...

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