BUZZ-European chemicals: Macro risks may reveal gains in resilience - Macquarie
** Macquarie says heightened macro risks may reveal significant gains in "resilience" for some European chemicals cos
** Broker initiates rating on seven companies, including "Outperform" rating on Akzo Nobel (Amsterdam: AKZA.AS - news) , DSM, Johnson Matthey (LSE: JMAT.L - news) and Arkema (Paris: FR0010313833 - news)
** Says Akzo Nobel has EUR 5.5 bln cash to distribute to shareholders and its Paints & Coatings business should recover margin in FY 2019
** Says DSM's nutrition business has good growth, margins and cash generation and offers platform for "small to mid-sized smart M&A"
** Adds that Arkema's valuation "looks highly attractive" as it is lowest-rated chemical co in broker's European coverage, sees M&A opportunities
** Broker sees opportunity for Johnson Matthey in European diesel and eLNO battery materials
** Initiates coverage with "neutral" for Evonik, Solvay (LSE: 0NZR.L - news) and Umicore (Hamburg: 3771399.HM - news)
** Says Umicore's battery opportunity "may become so big, demanding so much capital" that the co may be " forced to consider different strategic options"
** Says BASF's capex spend "may need time to prove its returns" and Lanxess (IOB: 0H7I.IL - news) autos and construction exposure "remain relatively high"; downgrades both cos to "Neutral"
** Barclays (LSE: BARC.L - news) says "near-term risks trump long-term value" of BASF and downgrades co to "Equal weight"