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Japan

US Equity Markets Higher as Crude Oil Prices, Bond Yields Drop After US Treasury Threatens Economic Sanctions on Iran

US equity indexes ended higher Tuesday as crude oil prices and government bond yields dropped, after the US Treasury Department started a campaign to impose economic sanctions on Iran.* The Treasury is targeting aviation, shipping, technology, gold and digital assets such as cryptocurrency to choke off Iran's economy, CNN reported. The US is also threatening new sanctions on countries that refuse to cut economic ties with Tehran.* Iran pledged to fight back against expanded US sanctions aimed at isolating its economy, expressing confidence that major trading partners would resist the pressure campaign and saying that Washington was keen to revive talks, Reuters reported.* The Conference Board's measure of consumer confidence fell to 89.4 in August from 90.2 in July, compared with expectations for no change in a survey compiled by Bloomberg.* New-home sales fell to a 607,000 annual rate in July from an upwardly revised 678,000 in June, below the 620,000 expected in a survey compiled by Bloomberg, and down 6.3% from a year ago.* October West Texas Intermediate crude oil fell $3.96 to settle at $81.05 per barrel, while October Brent crude, the global benchmark, was last seen down $4.92 at $87.25.* Moderna (MRNA) shares were up roughly 14%, the top gainer on the S&P 500, after Wolfe Research upgraded the company's stock to peer perform from underperform.* Shell (SHEL) has drawn interest from potential bidders, including ExxonMobil (XOM), LyondellBasell (LYB) and Apollo Global Management (APO), for its US chemicals assets, which could fetch up to $8 billion, the Financial Times reported Monday, citing people familiar with the matter. LyondellBasell shares were down 4%, the worst performer on the S&P 500.

Dow JonesNasdaq CompositeS&P 500$APO$LYB$MRNA$SHEL$XOM
Equities

Update: Market Chatter: Shell Draws Exxon, LyondellBasell Interest in US Chemicals Assets

(Updates with ExxonMobil's response in the fourth paragraph.)Shell (SHEL) has drawn interest from potential bidders, including ExxonMobil (XOM), LyondellBasell (LYB) and Apollo Global Management (APO), for its US chemicals assets, which could fetch up to $8 billion, the Financial Times reported Monday, citing people familiar with the matter.The assets span four sites in Louisiana, Texas and Pennsylvania, including Shell's $14 billion Monaca, Pennsylvania, complex, according to the report.Potential bidders submitted nonbinding offers last month for the entire business or parts of it, the people told the publication.ExxonMobil doesn't comment on "rumors or speculation," the company said in a statement e-mailed to.Shell declined to comment, while LyondellBasell and Apollo didn't immediately respond to' requests for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Wire

Top Midday Stories: Treasury Reportedly Could Use General Account to Fund Buybacks; Trump Raises Tariffs on Canadian Cars and Steel to 50% on Jan. 1

Stocks were mixed in late-morning trading Monday, with the Dow Jones Industrial Average up and the S&P 500 Index and Nasdaq Composite down, as Treasury yields fell after CNBC reported that the US Treasury Department may tap its General Account to help fund its buyback operation.The US will raise tariffs on all cars, trucks, automotive parts and steel from Canada to 50%, effective Jan. 1, 2027, President Donald Trump said Monday on Truth Social.In company news, Nvidia (NVDA) customers are facing price increases of over 15% on servers equipped with its artificial intelligence chips due to rising memory costs, Bloomberg reported Saturday, citing people familiar with the matter. The price hikes will impact systems shipped early next year, including those with Vera Rubin and Grace Blackwell chips, the report said, citing the people. Separately, Nvidia is discussing an investment in AI startup Perplexity as part of a funding round that would value the company at more than $30 billion, The Information reported Sunday, citing people familiar with the talks. The round could be worth billions of dollars and would increase Perplexity's valuation by more than 50% from its last financing, the report said. Nvidia shares were down 2.2% around midday.Alibaba (BABA) has officially rolled out its Wan3.0 AI video generation tool, Reuters reported Monday, citing a post on China's WeChat platform. The new model is able to produce 30-second videos from documents, spreadsheets, slides and web pages, the report said. Separately, Alibaba Chief Executive Eddie Wu bought 350,000 shares of the company for about $5 million, according to a regulatory filing with the US Securities and Exchange Commission. Alibaba shares were up 0.7%.PDD (PDD) reported Q2 non-GAAP earnings Monday of 19.33 Chinese renminbi ($2.88) per diluted American depositary share, down from 22.07 renminbi a year earlier but above the FactSet consensus analyst estimate of 18.45 renminbi. Second-quarter revenue was 112.36 billion renminbi, up from 103.99 billion renminbi a year ago but below the FactSet consensus of 115.09 billion renminbi. PDD shares were down 1.9%.Shell (SHEL) has drawn interest from potential bidders including ExxonMobil (XOM), LyondellBasell (LYB) and Apollo Global Management (APO) for its US chemicals assets, which could fetch up to $8 billion, the Financial Times reported Monday, citing people familiar with the matter. Shell shares were down 0.5%, while Exxon, LyondellBasell and Apollo shares were down 1.6%, down 2.2% and up 0.2%, respectively.H.B. Fuller's (FUL) board has rejected Ancora's bid to acquire its building adhesives unit for up to $1.2 billion, the company said Monday. The board concluded Ancora's bid undervalued the unit and failed to take into account its potential to be a significant driver of earnings in the future, the company said. H.B. Fuller shares were down 0.9%.Braskem (BAK) filed for out-of-court restructuring Monday, which involved more than $10 billion in debt, Reuters reported, citing people familiar with the matter. The filing, which comes as the petrochemical company's 60-day creditor protection period expires, provides an extra 90 days to negotiate a final restructuring plan with creditors, according to the report. Braskem shares were down 4.3%.Paramount Skydance's (PSKY) Monday meeting with California officials was canceled after State Attorney General Rob Bonta accused the company of leaking details and negotiating in bad faith over its proposed acquisition of Warner Bros. Discovery (WBD), The New York Times reported. Paramount shares were down 0.8%, while Warner Bros. shares were up 0.7%.Zillow Group (Z) said Monday it has resolved a lawsuit brought by the US Federal Trade Commission and five states over its partnership with Redfin. Under the agreement, Zillow and Redfin are allowed to continue their partnership, which aims to provide multifamily rental listings from both companies. Zillow shares were up 2.3%.Price: $210.12, Change: $-4.60, Percent Change: -2.14%

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Commodities

Market Chatter: Shell Eyes Multi-Billion Dollar Sale of US Chemical Assets; Exxon Among Suitors

Shell (SHEL) is exploring a potential multibillion-dollar sale of its US chemicals assets as the UK energy giant looks to divest its weaker-performing operations, the Financial Times reported Monday.The sale has attracted the interest of bidders such as US energy major ExxonMobil (XOM), LyondellBasell (LYB), private equity firm Apollo and the chemicals arm of state-owned Kuwait Petroleum Corporation. Interested bidders submitted non-binding indicative offers last month for a transaction which could result in a potential $8 billion sale, the report said, citing people familiar with the matter.Shell's US chemicals operations, which produce chemicals used in plastics, detergents and pharmaceuticals, are spread across four sites in Louisiana, Texas and Pennsylvania.It includes the Monaca, Pennsylvania complex, which received $14bn in investment from Shell, began operations in 2022, and produces up to 1.6mn tonnes of polymers annually. The potential sale price would be well below Shell's investment in its US chemical facilities, the report added.Shell declined to comment, while Exxon, LyondellBasell, Apollo and Kuwait Petroleum Corporation did not immediately respond torequest for comments.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Wire

LyondellBasell Likely Heading for Weaker H2 Pricing, Lower Maintenance, RBC Says

LyondellBasell Industries' (LYB) Q2 pricing benefits should reverse in Q3 but it will remain elevated from Q1 and should have a sequential tailwind from lower Q3 maintenance and strong Oxyfuels, RBC said in a note Tuesday.The report said typical seasonality is expected in Q4 amid "punitive" consensus estimates, with 2027 likely to see some modest growth against H2 of 2026 on cost-outs, asset sales.The note also pointed plan for deleveraging with lower capex and European asset sales that should reduce maintenance capex.The report said the positive view on the stock is based among others on potential polyolefin margins improvement from higher PE prices on Middle East supply disruptions.RBC raised its price target to $72 from $65 while keeping its outperform rating.Price: $59.78, Change: $-1.33, Percent Change: -2.18%

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Wire

UBS Raises Price Target on LyondellBasell Industries to $64 From $56, Maintains Neutral Rating

LyondellBasell Industries (LYB) has an average rating of overweight and mean price target of $68.28, according to analysts polled by FactSet.Price: $59.28, Change: $-1.34, Percent Change: -2.20%

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Wire

Goldman Sachs Adjusts Price Target on LyondellBasell Industries to $63 From $62

LyondellBasell Industries (LYB) has an average rating of overweight and mean price target of $67.06, according to analysts polled by FactSet.Price: $61.61, Change: $-0.48, Percent Change: -0.77%

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Research

JPMorgan Upgrades LyondellBasell Industries to Overweight From Neutral, Adjusts PT to $80 From $75

LyondellBasell Industries (LYB) has an average rating of overweight and mean price target of $67.06, according to analysts polled by FactSet.

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Commodities

Chemical Prices Gain as US-Iran Fighting Resumes, TPH Says

Prices for several key chemicals climbed last week as renewed fighting between the US and Iran and the effective closure of the Strait of Hormuz fueled supply concerns, TPH Energy Research analyst Matthew Blair said on Tuesday.US polyethylene prices rose 4 cents per pound to 44 cents/lb after trading within 1 cent of pre-conflict levels over the previous two weeks. Demand may also have been supported by stronger US consumer spending, with June retail and food services sales increasing 7% year over year.US methanol prices gained $20 per tonne to $451/tonne, extending their premium to $116/tonne above pre-conflict levels. Blair said several Iranian utility suppliers that were damaged during the earlier phase of the conflict in the second quarter have yet to resume normal operations. He said it was a factor expected to constrain the country's methanol production.MTBE posted the strongest gains, rising 30 cents to $3.41 per gallon, leaving prices $1.30/gal above pre-conflict levels. The increase comes as China's MTBE operating rates have declined in recent weeks due to planned maintenance, tightening supply.The price moves are broadly positive for major chemical producers. Higher polyethylene prices are supportive for Dow (DOW), LyondellBasell (LYB), and Westlake (WLK), while stronger methanol prices benefit Methanex (MEOH) and LyondellBasell. Higher MTBE prices also provide an earnings tailwind for LyondellBasell.Price: $31.07, Change: $+0.70, Percent Change: +2.29%

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Wire

UBS Adjusts LyondellBasell Industries NV Price Target to $73 From $82, Maintains Neutral Rating

LyondellBasell Industries NV (LYB) has an average rating of Hold and mean price target of $80.27, according to analysts polled by FactSet.Price: $65.31, Change: $-0.87, Percent Change: -1.31%

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Research

Wells Fargo Upgrades LyondellBasell Industries to Overweight From Equalweight, Adjusts PT to $98 From $80

LyondellBasell Industries (LYB) has an average rating of hold and mean price target of $80.78, according to analysts polled by FactSet.

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Wire

LyondellBasell Set to Benefit From Rising Polyethylene, Polypropylene Prices in Q2, RBC Says

LyondellBasell Industries (LYB) reported a solid Q1 and expects a significant improvement in Q2, supported by rising polyethylene and polypropylene prices, RBC Capital Markets said in a note Sunday.Analysts said prices are up about 30 cents per pound for polyethylene and about 20 cents per pound for polypropylene in Q2, with potential for further increases is the Strait of Hormuz remains closed. Management also pointed to potential stronger earnings in its olefins and polyolefins business in Europe, Asia, and international markets, along with lower maintenance costs, according to the note."LyondellBasell is yet to see signs of demand destruction in the US/Europe and given depressed durables consumption, LyondellBasell thinks it is unlikely, especially given global polyethylene pricing remains well below the 2021 peak," the analysts said.For Q2, analysts said they expect about $700 million to $800 million quarter-over-quarter boost from about 30 cents per pound higher polyethylene prices, a $200-300 million increase from 10 cents per pound higher polypropylene prices, and about $85 million from lower downtime.Overall, RBC now projects full-year 2026 earnings before interest, taxes, depreciation, and amortization at nearly $5.5 billion, up from $3.85 billion previously, and Q2 EBITDA is expected to be around $1.5 billion, up from $1.09 billion previously, while Q3 earnings could exceed $2 billion. The outlook assumes the Strait of Hormuz disruption continues through May, followed by one to three months of normalization considering shipping delays and supply chain issues.RBC raised its price target on LyondellBasell Industries to $94 from $91, and kept its outperform rating.Shares of LyondellBasell were up more than 2% in Monday trading.Price: $76.76, Change: $+1.77, Percent Change: +2.35%

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Wire

Goldman Sachs Raises Price Target on LyondellBasell Industries to 75 From 51, Maintains Sell Rating

LyondellBasell Industries NV (LYB) has an average rating of hold and mean price target of $78, according to analysts polled by FactSet.Price: $74.97, Change: $-0.02, Percent Change: -0.03%

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Research

Research Alert: CFRA Keeps Sell Opinion On Shares Of Lyondellbasell Industries N.v.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We increase our price target by $23 to $52 using a forward P/E of 10.0x our 2027 EPS view of $5.22 (up by $1.85), a modest discount to LYB's five-year average of 10.8x given a weaker EBIT compared to historical levels. We raise our 2026 EPS to $7.21 from $2.44. We believe LYB's stock presents unfavorable risk-reward after its 69% surge in 2026 year-to-date. The Middle East conflict has created a temporary windfall for LYB by disrupting 20% of global petrochemical capacity, which tightened markets and enabled substantial price increases for polyethylene and polypropylene. LYB has capitalized on this environment through its cost-advantaged U.S. ethane-based assets and increased European production to fill supply gaps. However, we expect these tailwinds to prove unsustainable. Additionally, if the conflict persists beyond the near term, the resulting demand destruction from higher oil prices and broader cost inflation across the value chain will likely overwhelm any benefits from tighter supply-demand dynamics.

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Wire

Mizuho Securities Adjusts LyondellBasell Industries Price Target to $76 From $74

LyondellBasell Industries NV (LYB) has an average rating of Hold and mean price target of $76.39, according to analysts polled by FactSet.Price: $74.80, Change: $+0.20, Percent Change: +0.27%

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Research

Research Alert: Lyondellbasell Reports Mixed Q1 Results, Provides Optimistic Q2 Guidance

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:LyondellBasell Industries N.V. (LYB) reported Q1 operating EPS of $0.49 vs. $0.33 in the prior-year period, beating consensus by $0.21 after missing estimates in four of the prior six quarters. Revenue of $7.2B missed consensus by 2% and declined 6% Y/Y. The company completed a strategic milestone with the sale of four European assets, advancing its portfolio transformation initiative expected to improve margins and reduce costs while positioning LYB with increased resilience. Management provided positive Q2 guidance, planning to maximize North American O&P operating rates, raise European O&P rates to 80%, and maintain I&D rates at 75%. However, operating cash flow deteriorated significantly to negative $269M in Q1 despite the earnings recovery, attributable to a working capital build and serving increased global demand. We believe the sustainability of expected improvements remains uncertain given persistent structural overcapacity and ongoing geopolitical volatility.

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Wire

Morgan Stanley Adjusts LyondellBasell Industries Price Target to $77 From $52, Maintains Overweight Rating

LyondellBasell Industries (LYB) has an average rating of hold and mean price target of $75.56, according to analysts polled by FactSet.Price: $71.41, Change: $+0.39, Percent Change: +0.54%

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Wire

Evercore ISI Adjusts Price Target on LyondellBasell Industries to $70 From $57, Maintains In Line Rating

LyondellBasell Industries (LYB) has an average rating of hold and mean price target of $75.56, according to analysts polled by FactSet.Price: $72.11, Change: $+0.68, Percent Change: +0.95%

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Wire

Wolfe Research Raises LyondellBasell Industries Price Target to $62 From $38, Maintains Underperform Rating

LyondellBasell Industries (LYB) has an average rating of hold and mean price target of $72.56, according to analysts polled by FactSet.Price: $72.75, Change: $-2.76, Percent Change: -3.66%

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Wire

BMO Capital Adjusts Price Target on LyondellBasell Industries to $82 From $68, Maintains Market Perform Rating

LyondellBasell Industries NV (LYB) has an average rating of hold and mean price target of $72.56, according to analysts polled by FactSet.Price: $75.93, Change: $+2.21, Percent Change: +2.99%

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