Need to Know: Why Exxon or Chevron may want to swoop into Europe and buy a rival, Citi analysts say

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There’s been a pretty good run in the stock market, at least when the exchanges are functional. Nomura’s Charlie McElligott explains that investors have had to “grab” assets due to repricing “right-tail” outcomes higher, as U.S. inflation is cooling, China’s reopening and Europe is avoiding a deep recession.

How long that process plays out is a question, but the call of the day looks specifically at the oil sector. The European-listed integrated oil companies trade at a more than 40% discount to their U.S. peers, according…

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