Fri. Sep 25th, 2020

Saudi Aramco IPO: Oil giant nears $2trn valuation despite climate fears – business live

Aramco, the world’s biggest Co2 producer, is now world’s largest listed company after floating today

12.32pm GMT

The possibility of another hung parliament is keeping a lid on the pound today.

Sterling is unchanged today at $1.315 against the US dollar, having fallen sharply from around $1.32 when last night’s YouGov poll showed the Conservative’s likely majority had shrunk.

The sharp selloff in the pound gives us a taste of what could be to come. Should the Conservatives win an overall majority, sterling gains are expected to be less pronounced than in the case of a hung Parliament or a Corbyn victory.

These are outcomes which are considered less market friendly either due to the Brexit impasse continuing or in the case of a Labour government, economic policy concerns. There would be a less pronounced gain on a Tory majority because the market is anticipating this outcome; a market friendly outcome.

11.44am GMT

Aramco has broken the US and China’s grip on the chart of biggest companies, going straight in at number one.

Most of the rest of the top 10 are tech stocks, along with Wall Street giant JP Morgan and Warren Buffett’s Berkshire Hathaway group.

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