Saudi Arabian state oil giant Aramco reported a steep slide in net profit for 2020 and scaled back spending plans. But the CEO of the world’s largest oil exporter expects demand in Europe and the U-S will improve as vaccinations increase and predicts global oil demand will reach 99 million barrels per day by the end of the year, an optimistic view. Oil finished the week about 7% lower as a new wave of coronavirus infections across Europe scuttled hopes for renewed demand.
Canadian Pacific Railway Limited will acquire Kansas City Southern in a $25 billion-dollar merger that would create the first freight-rail network linking Mexico, the U.S. and Canada. The railway deal will need approval from the U.S. Surface Transportation Board, which could come by mid-2022.
U-S existing home sale data are on tap today.
The financial sector dragged the Dow down 234 points Friday after banks learned that the Fed will wind down its pandemic-era policy that loosened banks’ capital requirements. The Nasdaq added 99 points, the S&P mostly flat on the day. Futures are mixed.
