Lots of interesting goings on in the market this morning. A few random thoughts… Aramco is no doubt feeling lucky on the heels of its $4 billion additional raise, its final IPO tally totaling $29.4 billion given that OPEC just lowered estimates for crude demand in 2020. Funny how the timing worked out… Meanwhile, BoA reported a 6% rise in EPS even though net income slumped 4% and net interest margin dropped to new all-time lows. The fact that it repurchased 9% of its outstanding shares probably had nothing to do with it.
On the economic front Core PPI missed expectations, dropping to just 1.1% YoY – the lowest since August 2016 and the same level as kicked off the 2015-2016 correction.Futures, which had gradually recovered from its overnight lows, it back to a slight loss as we approach the opening bell.
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