Basic Materials

AptarGroup, Inc. (ATR) reported a solid second quarter of 2024, with adjusted earnings per share of $1.37 exceeding the Zacks Consensus Estimate of $1.36. The company's total revenue grew by 1.6% year over year to $910 million, fueled by a robust performance in the Pharma segment, which saw a 6.1% increase in revenue.

Indonesia launched an online system called SIMBARA to track nickel and tin movements, aiming to improve accountability and government revenue. The system, initially used for coal, will monitor transportation, compliance with quotas, and financial flows, potentially increasing royalty payments and preventing illegal mining.

The Third Plenum in Beijing, a significant summit, recently concluded with a positive assessment by President Xi Jinping, but with little mention of China's economic problems. China is facing a slowing economy, particularly due to ongoing issues in its property market and a lack of consumer spending, which has led to imbalances in trade and potential trade conflicts with the US.

Baosteel announced its plan to purchase Nippon Steel's 50% stake in their joint venture, Baosteel Nippon Steel Automotive Steel Sheets, for $242 million. The decision comes amidst changes in the steel industry due to the transition to electric vehicles and a slowdown in property construction in China.

China's economic woes are deepening, with slowing growth, a property market meltdown, and declining household spending. The government's piecemeal solutions are failing to address the root causes, raising concerns about a potential trade war with the US and a negative impact on Australia's iron ore exports.