Slowdown or Downturn?

Second-quarter results confirm the obvious. Global economies have slowed and are starting to weigh down chemical earnings and industry’s outlook (p. 6,7, 11). Recession in Europe is slowing economies across the globe. “Global economies have been not only volatile, but conditions clearly deteriorated as the quarter progressed,” says Dow Chemical chairman and CEO Andrew Liveris. “This led to weakening demand and extremely cautious buying sentiment which in turn impacted pricing and volume.” The change in tone at Dow is notable because...

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