China events suggest no global petchems recovery until 2026

THE CONVENTIONAL wisdom out there is that the petrochemicals cycle may have bottomed out as the prospects of interest rate cuts increase.

There is talk of signs of recovery in the Europe. And even in a high inflationary environment, the US consumer kept on spending with unemployment at record lows, although there are recent indications that US consumer spending is moderating.

Elsewhere, there are economic bright spots such as India’s booming economy and a Turkish economy that...