What is Morgan Stanley's revised timeline for upstream chemical spreads normalization, and how does it differ from its prior forecast?

Morgan Stanley now expects upstream chemical spreads to normalize by the end of 2026, revising its earlier outlook which had projected normalization in mid-to-late 2027.

Which companies did Morgan Stanley upgrade or add to its Overweight list, and what were the stated reasons?

Morgan Stanley upgraded Air Liquide to Overweight due to strong growth and backlog in its Electronics segment, and added Shenzhen Capchem to its Overweight list citing its expanding role in supplying chemicals to semiconductor facilities.

Morgan Stanley sees chemical spreads normalizing sooner than expected

Jul 21, 2026

Morgan Stanley revised its outlook for upstream chemical spreads to normalize by end of 2026, earlier than previously forecast. The firm upgraded Air Liquide and added Shenzhen Capchem to its Overweight list citing strong electronics and semiconductor demand.

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