Meanwhile, business appears to be booming and not just in tech-heavy Silicon Valley, but in the seemingly old-tech Permian basin too. Diamondback Energy has said it will buy Endeavor Energy Partners, the region’s largest privately held oil and gas producer, in a $26 billion mega deal.
The merger will create the Permian’s third-largest producer, behind Exxon and Chevron, as part of a wave of consolidation among U.S. drillers to boost output.
Markets have been more muted over the course of the day so far, given that a number of major Asian markets are closed for the Lunar New Year holiday and volatility in Europe has been curbed by anticipation of tomorrow’s U.S. CPI numbers. Any signs that price pressures are gaining momentum again could push rate cut bets further into the future.
But for now, the stock market has 5,000 good reasons why this might not matter too much as long as the economy continues to hold up as well as it has in the early weeks of 2024.
|
