It has been a tough week for equity markets around the world. In Europe, the Materials sector has been particularly weak:
And, while the group has few constituents that show a high likelihood of outperformance in the near future, one member distinguished itself with especially negative performance this week:
In the wake of announcing a dramatic cut to its dividend, the German fertilizer and agricultural chemicals company saw stock prices fall significantly. Our relative strength point-and-figure chart (versus the MSCI World Index) shows weakness extending back to 2011:
For now at least, the bearish downtrend line seems likely to remain intact.