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ICIS lunchtime news Europe 7 November
Good afternoon and welcome to the ICIS lunchtime bulletin, I’m Deepika Thapliyal and here
are your top stories for Wednesday, 7th November.
European styrene prices are expected to soar following Shell Chemical’s declaration of
force majeure on styrene at its Moerdijk site earlier this week, with firm benzene costs
also supporting the bullishness, according to sources.
The sudden declaration of the force majeure saw November spot prices gain $75/tonne this
week.
In other news, Germany's Brenntag reported strong earnings in the third quarter with
a 19.3% year-on-year increase in its net profit to €79.6m ($102m), backed by an 11.5% year-on-year
rise in its sales.
Turning to the markets, crude futures lost more than $1/bbl as investors attention returned
to concerns over the global economy, following the reelection of Barack Obama as US president.
Those are your top stories for this lunchtime. Please join us again at the same time tomorrow
, or catch up with breaking news at ICIS.com. For ICIS here in London, I’m Deepika Thapliyal