In today's Pre-Session Views: 

• Strategy| Flagging concerns over the outlook for ceramics and urea players
• LCSW| Pharos Views on LCSW Post Management Call: Another 2 quarters of soft performance before a meaningful recovery builds momentum during 4Q25
• Heads up: Market intelligence suggests a natural gas price hike is imminent and urea players will not be able to fully offset margin impact
• MCQE| What does MCQE deal tell us? Buy MCQE on EV/ton arbitrage. 
• POUL| The potential for a jumbo dividend yield offers a window for a 2H25 trade