欧洲化学品：周末化学反应

Q3 results in European Chemicals have been in line to better than expected, but Q4 outlooks have broadly come in below consensus, partly reflecting corporate caution. This is fueling concerns about weaker Q4 exit rates and material downside risk to 2027 consensus. So far, companies have not indicated material demand deterioration or destocking, and significantly higher EU energy prices have featured less prominently in commentary than might have been expected. Air Liquide accelerated €1bn of buybacks to end-2026 while trimming its Q4 2026 OSG outlook again to ~3%. Evonik's board rejected BASF's 22 October offer of €24/share and declined takeover negotiations;