Cracking Credit：摩根大通高等级与高收益化工周报

This is J.P. Morgan's weekly Cracking Credit report on North America High Grade and High Yield Chemicals. YTD, the J.P. Morgan High Grade Chemicals Index (ex EM) returned -103bp versus -232bp for the broader JULI (ex EM), and the HY Chemicals Index returned 318bp versus 6bp for the broader HY Index, with chemicals outperforming the broader market. Key news this week: FMC cut its 3Q26 adjusted EBITDA guidance to -$538 million at the midpoint from prior guidance of $130 million, citing weaker-than-expected demand and commercial actions to lower the price of select products held by channel customers and to modify its US selling and pricing model;