European Chemicals — Weekend Chemical Reactions

J.P. Morgan's weekly European Chemicals note reviews the past week's client focus and newsflow. Client interest centred on Solvay (hedge funds incrementally building short exposure), Syensqo (improved sentiment after the pullback), DSM-Firmenich (debating the bear case) and Air Liquide (positioning ahead of its CMD). Victrex's Capital Markets Day on 24 Sep is the first major appearance of new CEO Dr James Rout, with a new mid-term framework potentially targeting an adjusted EBIT margin of ~20%+ (vs ~15% in FY26E), driven by top-line acceleration, better asset utilisation and a possible shutdown of the loss-making China plant (~£8m p.a.). Takeaways from the CEO Series: IMCD highlighted commercial excellence and human capital; Syensqo reiterated its differentiated specialty polymers position and an improved 2H order book;