well those are the headlines now it's back to saudi aramco the company and the state. the kingdom is home to the most important religious sites for muslims but saudi arabia is a real source of power is it spoiled the ram called converts that black gold into dollars and riyadh so. many academics experts and oil economist either refused all refrain from speaking to us as soon as they heard it's about a ram cult the kingdom's most potent economic firepower. the saudis can use oil as a weapon. opec did it in 1973. they put it in embargo and what happened to the price of oil. it shot up over $100.00 a few years ago we saw oil prices tumble. created that. it was the saudis. they flooded the market. why they wanted to put shallow oil out of business well it backfired. the partnership between the u.s. and saudi arabia rests on linked interests many of which have either disappeared or are now problematic they basic bargain of. preferred access to energy in return for security protection but the united states is now the swing producer internationally for oil given fracking and we

saudi aramco is almost like the basis of politics in saudi arabia they are always intrinsically tied everybody in saudi arabia in one way or another is a beneficiary saudi aramco. arabia needs a strong rand paul and vice versa as well the history of saudi aramco is the history of saudi arabia transforming itself from an isolated tribal society into a global presence. get it right you reap a windfall get it wrong and the risk is huge the whole saudi economy what's at stake. all the balance the hollow that you face the greens and the living. and the way they run the risk of being toppled royal family could be running for the whole. issue is really you know is an i.p.o. best for the company and when you look at graeme coke the company you have to realize that unlike other companies. operated for years without ever imagining and . so they've never had to make decisions. for somebody maybe going to be publicly listed or we'd like to publish this here's how we need to have our finances a great here's the kind of growth that we need to be showing in our financial statements to make investor

concerns about legal liabilities the majority oh no it's the majority own off saudi aramco is of course the so if you state and there were concerns that legal cases against the saudi state for example this legal case in the united states of family members of 911 victims that say there was an election involvement of some saudi government employees in the lot such legal cases of course could be a considerable risk for saudi aramco if it was listed in new york no pick legislation would be another case in point and on the other hand of course as it turns out there's not that much interest at this valuation in the saudi aramco i.p.o. outside of the gulf and maybe in some corners of a shot funds also that might invest out of strategic considerations but the interest at this valuation even though it's below the 2 trillion us the loss that was initially envisaged is rather lukewarm in major financial capitals like london and new york. and it was my colleague. speaking earlier today with a car votes from the institute and. now some are mere toys others sophisticated vehicles with an array of cap

you know environmental social the governance issues and certainly with saudi aramco and saudi arabia itself there are a lot of those concerns you know resulted in only a saudi listing but for the saudis i think that's probably been a good thing for the time being simply because they've had control of the over the i.p.o. process and just listing a very small fraction i think about one and a half percent means that they didn't flood the market which is why we've seen a fairly srong rally today. overseas investors so far have lost out but there must be interest are they looking into investing. well overseas investors will ultimately invest in them because the big index providers such as dow jones footsie russell and m.s.c. i will include them in their global then emerging markets benchmark so global funds pension funds will ultimately have to invest in them at some point but the question is whether active investors and active fund managers will be looking into them and they'll have questions such as the yield on the shares and the valuations saudi aramco at these valuations will only gi

saudi aramco is almost like the basis of politics in saudi arabia they are always intrinsically tied everybody in saudi arabia in one way or another is a beneficiary saudi aramco. arabia needs a strong rand paul and vice versa as well the history of saudi aramco is the history of saudi arabia transforming itself from an isolated tribal society into a global presence. get it right you reap a windfall get it wrong and the risk is huge the whole saudi economy what's at stake. all the balance the hollow that you face the greens and the living. and the way they run the risk of being toppled royal family could be running for the whole.

saudi aramco pride and joy of the saudi arabian royal family kingdom has gone public to made its long awaited market debut in riyadh on wednesday to much fanfare to nearly 3 trading the shares reached 9 dollars 39 each that was enough to hit the 10 percent cap on daily price rises devalues the company it's almost $1.00 trillion dollars short of crown prince mohammed bin salmond's targets 2 trillion but nevertheless seen as a cause for celebration. today the kingdom of saudi arabia is no longer the only shareholder of the company. more than 5000000 shareholders have joined including citizens and residents in this kingdom and other c.c.c. countries in addition to saudi regional and international investment institutions this is a day when everyone in saudi aramco and in the kingdom can be immensely proud. however the listing is not all it was meant to be the idea was originally conceived to bring in foreign investment but in the end there was limited interest from abroad and the original plans to list in london or new york was shelled. nevertheless a key stage of crown prince mohammed bi

saudi aramco shares make their stock market. breaking initial public offering. a valuation of $1800000000.00 from prince mohamed the 1st stepping stone to saudi arabia's oil reliance to talk. to the program. sustainable development is on the agenda other summit of african leaders in egypt the 1st ever asked one farm was opened by egyptian president after. delegates are also due to discuss energy security and how to help economies recover after conflict among the s. and d's is at the forum is nigeria's president mohamed and u.n. deputy secretary general i mean i'm 100. south african president sarah rama post says his ministers will put forward proposals this week aimed at ending the rolling power cuts that have been blighting the nation's companies and households south african businesses have been languishing under the most severe blackouts in a decade week of heavy rain has aggravated problems for the state run program pany eskom which has been struggling to maintain electricity supplies since 2008 ministers are due to put proposals before cabinet on friday aimed

he said a deal is crucial for saudi arabia, which is selling shares in oil giant saudi aramco and needses to make that a success. opec 0pec once to reaffirm their willing to continue to manage the market. i think saudi arabia wants to show it is still in charge here and they wa nt to ta ke is still in charge here and they want to take the lead both with the ipo today and show some leadership in this meeting and need to try and get the organisation to agree to another cut. simon watkins is an independent oil analyst and author. hejoins me now. simon, it's interesting, whenever they have these 0pec meetings, the anticipation production cards tend to cause the price to rise and in some cases quite significantly, and thenit some cases quite significantly, and then it falls back slightly. why is that? -- then it falls back slightly. why is that? —— production cuts. then it falls back slightly. why is that? -- production cuts. there is a spike because of the announcement, but the announcement is worked out to be very much meaningless. then us shale producers increase production to avail thems

how much is saudi aramco i.p.o. really was we're about to find out as the world's most profitable company goes public but expectations of raising $100000000000.00 have been slashed a quarter of that seems more realistic now. unions in france pulled down the shutters as they say no to a proposed pensions reform. drawn week in amsterdam the industry shows off its latest innovations and tries to stave off stricter regulation over increasing security fees. this is your business. welcome to saudi arabia state oil company aramco is preparing to go public and today we're likely to find out just how much it is worth last month eyebrows were raised after an announcement that the company would only be floating on the riyadh stock exchange and not in london or new york around coal is the world's most profitable company last year it produced some $11000000.00 barrels of oil per day more than 2 thirds of it was exported to asia 14 percent of it went to the united states the upcoming i.p.o. has generated a lot of excitement reaso

thanks saudi aramco pride and joy of the saudi arabian royal family and kingdom has gone public it made its long awaited market day view in riyadh on wednesday to march fanfare. and early pre-treating the shares hit $9.39 each that's a 10 percent jump from the starting price enough to hit the regulatory cap on daily increases or decreases for the stock that pushes the company's value up to one point trillion dollars the kingdom wants a 2 trillion dollar valuation since the sale of $25600000000.00 worth of shares last week it has been encouraging all and sundry in saudi arabia to buy up as much stock as possible to. get on with that. today the kingdom of saudi arabia is no longer the only shareholder of the company a lot. more than 5000000 shareholders have joined including citizens and residents in this kingdom and other c.c.c. countries in addition to saudi regional and international investment institutions this is a day when everyone in saudi aramco and in the kingdom can be immensely proud. while today is one of glitz and glamor for the country the listing of aramco is a reflection o

of apple saudi aramco is now the world's most valuable public company shares of the oil giant make a strong market debut and give crown prince mom have been solved on a 1st stopping stone to overhaul saudi arabia's oil reliant because also the program world trade might be slowing and global risks on the rise the fed says the u.s. economy will be just fine and spain has a huge problem with the o.e.c.d. says deserve a fixation it is already widespread as madrid fails to implement effective laws against climate. was colder welcome to the program it's a market debut and one with authority one and a half percent of saudi arabia went up for sale on its domestic stock market it was enough to make the state oil giant the most valuable publicly listed company in the world even if interest outside the gulf states was much lower than the saudi leadership had hoped the record breaking i.p.o. provides the oil rich kingdom with urgently needed cash. this is what it looks like to launch the world's most valuable company on the stock exchange for the 1st time. saudi aramco pride and joy at the saudi

alix: does is make anyone want to buy the saudi aramco ipo? o not want to talk about it. [laughter] >> we were offered a meeting that they pulled when they pulled the international roadshow. stop for thebig saudi arabians -- it is very big stock for the saudi arabians. you can by high-profile oil without having to take the risk of emerging market stocks. alix: agreed. we have to leave it there. thanks. great to catch up with all of you. thank you very much. coming up, rh has been in uptrend since june. we talk about traits coming up next in today's domestically speaking. jumping into your car, do not lose touch with us. you can tune into bloomberg radio heard across the u.s. on sirius xm jenna 119 and the bloomberg business app. this is bloomberg -- on sirius xm channel 119 and the bloomberg business app. this is bloomberg. ♪ alix: time for technically speaking. bill maloney, chartered market technician and the voice of bloomberg's equity squad joins me now. check out bill on the bloomberg. .n squa usually as go transports go the dow. how g

saudi aramco makes history.arket value of $1.88 trillion. welcome to "bloomberg daybreak" on this wednesday, december 11. i'm alix steel. lots of news over the next 70 due hours, but markets not really moving. is a patient wait and see when it comes to the equity markets, flat on the day. two days of declines

the folks at jefferies initiated coverage of saudi aramco.mendation is actually underperform with a price target of 30 to share. that implies a 20% decrease from the last price. analysts maintaining a consensus when you're target for the stock in the past three months with to 39.2.tween 30 we will break it down for you and plenty more, straight ahead. this is bloomberg. ♪ tracy: it is 11:30 p.m. in new york. you are looking at live pictures of midtown manhattan. we did have a relatively muted reaction to the trade headlines that came out on friday. that s&p 500 index actually closed up by just .01%. that tells you something about the confusion around the headlines. take a look at u.s. equity futures this morning, up almost one third of a percent. seems to be a little bit of response sentiment creeping into the market now that we have additional details. bank of america merrill lynch say the market is primed for a first quarter melt up given that the fed and ecb are still adding liquidity and we have the receding risks of the brexit and the tr

saudi aramco will start trading its first shares. in paris, we are looking out for pension reforms as strikes continue. newin brussels, the commissioners a green deal is in focus. to yousef to talk to us a little bit about the open. we expect the shares to be treated any minute now? yousef: absolutely. we are waiting for the numbers, scenariowas the base and exactly what's coming through third they're climbing to the daily limits of 10% as expected. the ipo was at 32 realities. implied valuation was $1.7 trillion. we are already up to 1.8 8 trillion. the biggest conversation has been around the $2 trillion mark for the government has done is offer a smaller percentage of the company to investors. of the market cap is a tiny fraction of what is loaded from companies like facebook and microsoft word we know there are support mechanisms for the stock , including goldman sachs. retail investors have been given a hand as well with some incentives. the fast track to index inclusion is important as well. where the story goes from here is wh

saudi aramco shares begin trading in over one hour. it is the world's biggest ipo in the culmination of a four-year saga. we are live in riyadh. manus: a warm welcome by where we are expecting nejra to cross to react -- riyadh. it could be the narrative the changes the global perspective. billion.ised $25.6 what they make trillion dollars today? way, the day alibaba ipo, they racked up 38%. we are all lined up to support the kuwaiti and i would be sovereign wealth fund and there is an army of institutions in saudi arabia. they are mitigate the risk and wanted to go well. it to doting want well. nejra: the saudi's are doing everything they can. and in the u.k., the focus is all on tomorrow's election and people -- erp poll has made the risk of a hung parliament alive for markets. manus: it's amazing how we have pivoted so quickly. ipo's, have amco look at oil. peter navarro,om no indication of december tariffs. are we ready for that risk? that's the question you have to ask yourself. dollar-yen, is it really a safety valve? look at doll

the goal is to trillion dollars saudi aramco make this stock markets deb you want a record breaking initial public offering that gave the company evaluation of $1.00 trillion dollars will the 2 trillion mark be reached today. also coming up it's a moment of crisis for global trade as u.s. pressure hollowed out the world trade organizations top court who is going to settle trade disputes from now on. and spain has a huge problem with drought the o.e.c.d. says to few cation it's already widespread as madrid fails to implement effective laws against climate change. i want to johnson this is d.w. business live from berlin well come saudi arabia state oil company saudi aramco officially begins trading on its domestic stock markets today in its i.p.o. last week over 25000000000 dollars giving it a valuation of $1.00 trillion dollars that comfortably makes it the most valuable publicly listed company in the world however that is not enough for the kingdom which remains determined for the company to top the 2 trillion mark to that into the country's royal family has been encouraging state investmen

but also to see what else can be privatized and if there will be an international seo for the saudi aramco's a small amount of money that has been raised compared to the actual size of the saudi cut . >> you can also turn to your this.erg for more on let's go to india now because are opening.ts the boardssure across yesterday. how are things looking today? better.tly -- of losses as we have seen bit of losses as we have seen yesterday. the market is not getting support from institutions in the past. they've also seen gains about 85 points as we speak, and from the arena, shorting in the markets. market inrkets, the the last four trading sessions just not good. there is more selling which is taking place. it is important to monitor today and if the closing can come above support levels which were breached in yesterday's trade. the saga set up some alarm bells, hasn't it? you're looking at that and some other companies. >> that's right. yes bank continues to be in focus. yesterday was the board meet. stocks tanked. from the board meeting yesterday, they have said the come to thelling to hold

saudi aramco makes history. the energy giant jumps 10% in its market debut with a market value of $1.88 trillion. welcome to "bloomberg daybreak" on this wednesday, december 11. i'm alix steel. lots of news over the next 70 due hours, but markets not really moving. is a patient wait and see when it comes to the equity markets, flat on the day. with a lot declines of hedging backup. people going out and buying protection. the cable rate going nowhere. you're seeing flattening in the market for treasuries. 1.82% is how we trade. time now for the global exchange. we bring you today's market moving news from around the world. from riyadh to zurich, london and washington, our bloomberg voices are on the ground with today's top stories. in riyadh, history is being made. saudi aramco jumping 10% in its debut, giving a value of almost $2 trillion. bloomberg spoke exclusively to the ceo of the saudi stock exchange. if the full offering size is offered in the markets based on ,he $1.7 trillion valuation that is a on .5%.

the latest on saudi aramco.ke you to live pictures on deputy prime minister -- now speaking in mexico city. this interview coming up as well. take a look at those pictures. usmca, howout the this is the final stretch for nafta to know. every single revision is in canada's interest. 70% of the aluminum in cars will be from north american origin. she is saying this deal is great for canada aluminum sector. ofginally required to 70% the metals used in north american vehicle production to come from the region but it did not specify production methods. that opens the door to some metals produced in china. this was something that u.s. had been pushing for. although, the mexican negotiator came early and said they don't make any demands on mexican aluminum origins. we will get you more details on what this usmca would entail but dealow, this is a great for canada's aluminum sector. coming up next, president trump facing two articles of impeachment. we are in washington for the latest. this is bloomberg. ♪ [ electrical

that they have quietly invested in many software giants in the us, in silicon valley, but because saudi aramcopublic and what might be the largest initial public offering ever seen, there is going to be a lot of cash available to saudi arabia. that cash will go into a public investment fund, and they can reinvest that into big software giants. when you go to the middle east, they are all saying on big panels, ministers, people leading the country, and they are saying data is new oil. they can't rely on oil forever. they are looking at reinvesting a lot of this money, so that essentially they can reinvest, the proceeds as much as anyone else can and diversify their interests, and the release of huge amounts of cash in saudi arabia means they can put their money where their mouth is and put more money into silicon valley companies that may welcome the invest in. into silicon valley companies that may welcome the invest inlj into silicon valley companies that may welcome the invest in. i suppose it depends how they do it, because if you think of the way the saudi government has huge influence of

a parent -- shery: we finally have saudi aramco's pricing.t was supposed to happen around midnight, but it's been delayed. finally out, pricing the ipo at the top of the range, valuing the company at $1.7 trillion. that would be a range of 30 to 32. pricing at the top of the range. longer real the ipo was 4.6 times oversubscribed. such corruption totaling $119 billion. they have set the deadline for institutional payments for december 8, saying the institutional prescriptions were at 397 billion riyadh. this is the world's largest share sale on record, above in in 2014, now volume the company at $1.7 trillion. saudi aramco also saying they have a green shoot option that could be exercised later on. they have price their ipo at the top of the range, valerie the company at $1.7 trillion. also showing strong local demand. there was an absence of foreign interest, but when it comes to local demand, it was high. it was 4.6 times oversubscribed. plenty more to come. this is bloomberg. ♪ oversubscribed. amanda: this is bloomberg markets. i'm amanda

orders worth $189000000000.00 reals which is worth about $50000000000.00 when i say it again the saudi aramco i.p.o. has been 3 times oversubscribed oversubscribed is the term for when i.p.o.'s demand is greater than the number of shares issued typically i.p.o.'s in saudi arabia tend to be subscribed many times over although the unprecedented size of a saudi aramco listing means its harder to benchmark the level of demand around co as previously said that point 5 percent of the offering will be allocated to retail investors and will leave about one percent or $2000000000.00 shares for institutional buyers again this deal could be the world's biggest i.p.o. if it tops the 25000000000 dollar listing of online shopping site alibaba well meanwhile speaking of oil opec says that it expects to deepen production cuts later this week but still has to get agreement from allies like russia which is not a part of opec and instead is part of a grouping known as opec plus opec plus has been curbing output since 2017 trying to counter the oversupply as a result of booming output here in the u.s. which has

dani: with more than $25 billion, saudi aramco has cemented the world's biggest ipo. $100is differentrom the billion ipo first envisioned. upper endriced at the of its range. saudi arabia pulled out all the stops to ensure the ipo's success. the share offering was more than 4.6 times oversubscribed. total bids, $119 billion. struggles, did have first derailed by problems at home, then a global investor base that hesitated at the valuation. fundslying on neighboring , the final value comes in at $1.7 trillion. that means profitability overtakes microsoft by $600 million. more fromlet's get our executive editor for energy. this was a painful come along process. did the saudi's get what they wanted? >> no and yes. they had insisted this was worth $2 trillion or more and it's not. but yes in terms of they got an ipo the -- done. but as our columnist pointed out , it is kind of cosmetic in the sense that it does not achieve what they had wanted, which was to bring in outside money for investment. in effect, they have tapped the saudi coffers for 70 projects -- saudi projects. francine: you

than $25 billion, saudi aramco has closed its deal. it is the world's biggest ipo. is is very different from the $100 billion deal the crown prince had first envisioned. , theyearly big promises listed only in saudi arabia. a price at the top end of its range. $8.52. the equivalent of the share offering was more than 4.6 times oversubscribed. profits, oilig companies are out of favor with some investors worried about concerns about the world -- worries about climate change will curb demand. some of that is behind why the listing didn't hit the desired $2 trillion valuation mark. this is a whopping number at 1.7 trillion. aramco's profitability overtakes microsoft and apple in terms of the biggest listed. matt: thanks very much. joining us now is chief as itgist at tictoc management. we've been waiting a long time for these numbers. is this the kind of ipo that the kingdom wanted to see for aramco? >> yeah, i think so. the numbers are pretty much what everybody was expecting. i don't think we had any big surprise here, to be honest. it is in line with expectations. i

saudi aramco c.e.o. called it a historic day when last month the world's largest oil producing firm announced its listing on riyadh's to the exchange on thursday shares will be priced below the much hyped 2 trillion dollar price the saudis wanted but some asset managers see even at the lower price the company's overvalued analysts say there's been tension between the saudi government's valuation ambitions and what western investors are willing to pay the initial estimates that were given by the saudi leadership hasn't been proven yet and so that's what i mean by taking the feedback going back and seeing if they can make those numbers work or not saudi arabia derives most of its money from oil exports and says it will use the income from its public listing to diversify its economy. but a recent drone attack on 2 of its facilities the rebels in yemen said they carried out took out more than half of the kingdom's oil production and cause major concern among international investors so far the stock listing i

francine: saudi aramco -- is that a strategic play? d's most valuable company, quite a way out. does that mean that the saudis will defend the oil price more? howard: looked, it is a big fundraising, but it is a tiny defense of the company that is being put on the market, and it is not the kind of flotation that we would regard as conventional in the west. so when we talk about a $2 trillion valuation, people are being encouraged to support it in a way that probably would not happen in the west. so i think that is just a kind of desire on the part of the saudi government to diversify, to show saudi arabia is strong. i don't think it impacts the way they try and influence the oil price, and we know that now with fracking in the u.s., the price goes up to a certain level, the price increases. the saudis have less control and they know it. francine: part of the markets, i don't know if it is investment bank or -- how much is it disrupted in 2020? how much will your industry go through change? howard: it has been, radically. there is contin

saudi aramco strong public debut.hares jumpedon the open, the maximum 10% on the stock exchange in riyadh limit up. the state owned oil giant is the world's most valuable company list at 1.9 trillion, that's about 6 exxons and above apple which has a market cap of almost 1.2 trillion. >> well placed deal. a lot of people in saudi arabia decided to buy this stock. and that boosted it. i think sometimes you get deals and they pretty much determine where it is going to be. so now the question is, yield. and whether the yield exceeds what mike worth is offering on chevron. i think it will. i don't think it makes people suddenly all excited about the oil stocks, but it does say that there is appetite for equities at least in one country. >> definitely true all the hand wringing about esg, and how that might weigh on demand has not turned out to be a story today. >> no. and yet -- talk about esg for a second, a piece from morgan stanley -- >> evaluate -- very serious, evaluating our information technology, hardware coverage

how much is saudi aramco. as the world's most profitable company goes public expectations of raising $100000000000.00 slashed a quarter of that seems more realistic now. drone week i'm saddam the industry shows off its latest innovations tries to stave off stricter regulation over the increasing security. business. saudi arabia state oil company iran co is preparing to go public and today we're likely to find out just how much it is really worth last month eyebrows were raised after an announcement that the company would only be floating on the reality stock exchange and not in london or new york so as we await that valuation that's going to quick overview of the world's most profitable company often described as the kingdom's crown jewels last year run co produced some $11000000.00 barrels of oil per day more than 2 thirds of that was exported to asia about 14 percent of it to the united states the upcoming i.p.o. has generated a lot of excitement but it's affected not to make quite as much cash as the kingdo

we waited and waited and when we saw right it was big saudi aramco i.p.a. raises more than $25000000000.00 making the company the most valuable in the world . elsewhere in the oil industry the opec group of oil exporting countries agrees to cut production. and emoji can be big business in china but the government is not always sharing in the fun. business i'm rob what's in berlin saudi aramco has completed the biggest share sale of all time its much awaited i.p.o. raise $25600000000.00 for just 1.5 percent of the saudi oil producer is the company at a total of $1.00 trillion dollars it's short of crown prince mohammed bin salmond's target of 2 trillion but nevertheless confirms the ranko as the most valuable company in the world. mainly relied on domestic and regional investors after there was limited interest from further afield. on that let's bring in ashutosh pun day we can understand bit more about this so $25600000000.00 seems like an enormous amount of money is it in this context. well not really if you as the saudi prince here remember he was definit

could it be the biggest public offering of all time saudi arabian oil companies saudi aramco is preparing to sell slice of its business to the public will get how investors are sizing up the event. also on the show onion prices hit a new high in india feeling under arrest and sending the government into panic. vote will peel back the causes of the crisis. japan announces a hefty stimulus package but will it be worth all that new debt. and online stickers are big business in china so long as they don't cross the line. this is your business report i'm stephen beers in berlin thanks for joining us saudi arabia state oil company iran coast preparing to go public and today we expect to find out just how much it's worth the company announced last month that it would only be floating on the riyadh stock exchange and not in london or new york as initially expected that raised a few eyebrows. as the world's most profitable company last year produced some $11000000.00 barrels of oil per day more than 2 thirds of which was exported to asia the other 14 percent heading to the united states and the up

. >>> saudi aramco raises the rep for $25.6 billion in the world's largest ipo but falls short of the $2 trillion target >> positive signs of a trade deal as president trump says talks are moving along well and beijing says it will wave tariffs for some u.s. a agriculture al products. >> in a deal worth 3.2 billion pounds for the phoenix group >> it is the last trading day of the week you can see behind me, there is a lot of green already in the european heat map. this is after the positive hand over from wall street. some optimism again about those trade talks. new comments from president trump saying the trade negotiations are on track and going well that gave a boost to wall street overnight as well, we are seeing positive momentum. here on some reports from the chinese finance ministry saying china are willing to make exemptions the narrative about trade has switched to positive again we still have a lot of green on the board. stock 600 up about 0.3 percent ant point. despite the red we saw in asian markets, it has been a heavy week for global markets. today up 0.3 of a percentage

exon and shell for example officials are saying there is jub lags and pride within the halls of saudi aramcoinister really describing this vindication for the saudi crowned prince who really wanted to see this valuation and has been achieved today at least for a short time with that golden well as well, the confetti and the laser lights, this is going to bring about a step change in their economic maturity. very significant for the kingdom as it will use the proceeds to embark on the vision 2020 campaign >> the crowned prince probably wants us to think of aramco as the most profitable company but really at this point, it is just the most valuable company. there is so much skepticism if it is really worth a trillion dollars more than microsoft, more than apple. what does this stock really look like >> that's a good question. as i pointed out, the saudi crowned prince was looking for that $2 trillion valuation it is estimated it could be worth $1.8 to $1.2 we have seen a push to bring about wealthy families to invest in the ipo it has been suggested this optimism and price performance may have

saudi aramco valuation touches the $2 trillion but pairs gains within minutes of opening trade. >> and polls open in the uk with voters across the nation heading out to vote in the election. a very warm welcome to "street signs. before we get to all the big topics today macrowise the latest oil market report they have kept their oil demand growth estimates for 2019 and 2020 unchanged at 1 million a day and 1.2 million a day respectively saying the oecd amount of barrels is set to fall in the first annual decline since 2014. on the supply side, the number of barrels fell. for november, oil supply held steady as higher u.s., canada output was offset by saudi cuts. they make an interesting note that in september, the united states momently became a net exporter this is a major milestone on the path tet exporter which is likely late 2020 or early 2021 however, this does not mean independence has been achieved just an interesting note on that note, let's get out to joumanna on another preview in focus today. >> it is a huge day for markets today. a lot of expectations because it is christin

saudi aramco surging in its debut.2 week high for crude oil on the stockpile build we learned of 1030 eastern that at 10:30rned of eastern. how much of a surprise was this build? we were looking for a surprise once again -- for a client once again i'm not surprised. >> the surprises have been more on the supply side then the demand-side. even though we've got energy now at the roughly $60 a barrel level, this is the third time we are heading that, and it is still at the top end of that trading range between $50 and $60. so our anticipation is that we may be back off of that $60, then go through it in the next couple of weeks or so. vonnie: it looks like there's going to be no problem with supply. there might even be a problem with demand, and all of that is pretty bearish for the oil market. >> that's absolutely right, and that's one of the things we are looking at. we count on opec to cheat a little bit once they get a deal done, usually a couple of days before we hear about cheating. the only thing that is an interes

it is a crucial ipo for saudi arabia, not just saudi aramco because the country plans to use this money by investing in new projects to help create jobs and also take away the saudi economy from oil on which it relies. the whole project is being driven by the crown prince. the next few days will be interesting to see if they can hold up that stock price. we will be keeping an eye and we will rely on you. thank you very much. still to come on worklife, should you really be yourself at work? we will hear from one boss who says letting staff show their personalities helps to boost sales. that is a high—risk strategy in my opinion! tell us what yours is, this is worklife from bbc news. thejob and the job and recruitment site glassdoor has announced its employees a choice award celebrating the ukip's best places to work in 2020. where are the best places to work? let's get joe 2020. where are the best places to work? let's getjoe creswell to tell us, community expert at glassdoor. who came top? google came top, number one in the uk this year, fantastic opportunities they have at google, a st

now let‘s talk about saudi aramco.fering price on wednesday. aramco made its stock market debut in riyadh. our correspondence sameer hashmi has the details. clearly this demand for the stock has been driven by local investors, both affluent and retail investors, both affluent and retail investors, and then you have friendly allies in the gulf, countries like the united arab emirates and kuwait. the sovereign funds have pumped in money, which has given a cushion to this ipo. it isa has given a cushion to this ipo. it is a crucial ipo for saudi arabia, not just is a crucial ipo for saudi arabia, notjust saudi aramco, because the country plans to use this money to fund their ambitious project of diversifying their economy by investing in new projects, and this will help create jobs but also take away the saudi economy from oil, on which it relies very, very heavily. and the whole project is being driven by the crown prince, mbs. it will be interesting to see if they can hold up that the stock price. looking at asia—pacifi

of aramco by the saudi government. the government suppressed these strikes and arrested or exiled leaders. groups such as the national reform front, formed out of these uprisings. labor leaders and other dissidents regarded the u.s. airbase and aramco itself as constituting a colonial presence in saudi arabia. this was the era of anticolonial nationalism, decolonization in the arab world of the authority, influence, and popularity of the egyptian president. a movement for a constitutional monarchy, supported by workers, by some government employees, and even some members of the ruling family, was defeated in the 1960's. the u.s. government closed ranks behind the king, who opposed the constitution, and in 1964 deposed his half-brother. a third -- this is the most or body ofd of, scholarship on the relationship -- has to do with the 1970's and the period subsequent. the scholarship that examines the 1973-74 oil embargo, its consequences, and the way the relationship was reconstituted following that embargo. prior to 9/11

saudi aramco is imperative when you look at the saudi aramco ipo.hey definitely need to have the deal extended. they cannot have the saudi aramco ipo fail to the degree where the stock price wants to start being traded. they're going to push for a deal and i think opec plus will get the deal. they may not have the cuts march, but it is definitely something that could happen down the road. david: the other major player appears to be russia. are they inclined to support saudi arabia? matthew: they will take away and see approach. they will not jump onto whatever saudi arabia says. you know there is an agreement with saudi arabia that is implicit. russia has no interest in doing it. they are comfortable with oil prices where they are at. they do not have any kind of saudi aramco ipo type thing. they will take a wait and see approach they will continue to follow through with their commitments whether it feels right to them. they are deafly going to be amenable to an extension but they will not be bending over backwards to get one. david: we are talking