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Futures Rise is Chevron's $ 33 Billion Vote of Confidence by Investing.com




© Reuters.

Investing.com – U.S. The stock markets are poised to open a sharply higher Friday, as oil major Chevron 's (NYSE 🙂 offer to buy Anadarko Petroleum (NYSE 🙂 for $ 33 billion signifies confidence in one of the economy's most powerful growth engines. [19659006] Anadarko shares are indicated to open up 30% at over $ 61 after Chevron's cash-and-stock offer that values ​​a shale-focused producer at $ 65 a share. The Chevron stock is down 3%, as investors digest the message that the acquisition would take a year to be earnings-accretive for its own stock. The company also said it would increase its buy-back program by 20% after completing the transaction.

"The combination of the two companies will create a 75-mile wide corridor across the most attractive area in the Delaware Basin, extending Chevron's leading as a producer in Perm, "Chevron said in a statement. It will also increase its exposure to the rapidly growing market for liquefieds through Anadarko's operations in Mozambique.

Major index futures were already set to open higher, after stronger than expected Chinese data for the first quarter have reassured markets that Beijing's Fiscal and monetary stimulus measures have stabilized the economy after its slowdown at the end of last year.

As of 06:30 AM ET (1

0:30 GMT), the contract was up 13 points, or 0.5%, the contract was up 163 points, or 0.6%, while the contract was up 27.5 points or 0.4%.

The market is gearing up for the unofficial start of the earnings season, with JPMorgan's first-quarter results (NYSE 🙂 driving it to a 2.3% gain in premarket trade. Wells Fargo (NYSE 🙂 and PNC Financial (NYSE 🙂 are also due to report later.

The euro zone's industrial production began to bottom out in February, down 0.3% at 96.860, down 0.3% as the euro hit the three-week high on the back of signs of the greenback against a basket of major currencies. .

The better economic data helped to recoup all its losses from Thursday. The benchmark WTI futures contract was up 1.5% at $ 64.53.

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