The pound continued to climb as expectations grow for a Conservative victory
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Chart of the Day: Saudi Aramco is set to price its IPO today and, if it comes in at the top of the range at 32 riyals ($8.5) apiece, it would raise a record $25.6 billion. That would top Alibaba's $25 billion sale in 2014, Facebook's 2012 offering and SoftBank Corp.'s 2018 sale.
Futures Summary:
News from Bloomberg:
Elizabeth Warren is going after mega mergers. She's drafting a bill that would call on regulators to retroactively review about two decades of deals and ban them going forward. Her staff recently circulated a proposal for sweeping anti-monopoly legislation. She's repeatedly called for unwinding Facebook's acquisitions of WhatsApp and Instagram, along with Google's purchase of YouTube.
Amazon faces widening antitrust scrutiny, people familiar said. The FTC is contacting software companies to gauge the influence of Amazon Web Services over their business. AWS controls 48% of the cloud-computing market, versus Microsoft's 16%, Gartner estimated. One focus is a possible incentive to punish companies that work with rivals.
Oil was steady as OPEC ministers gather in Vienna to discuss output cuts. Saudi Arabia is offering fellow OPEC+ members a quid pro quo: If you stop cheating, we'll curb production. And Nigeria said OPEC is discussing the possibility of making further output cuts. Here's a look at how any cut may not be quite what it seems.
Huawei sued the FCC, challenging the U.S. decision to bar the use of federal subsidies by rural carriers buying its equipment. It's the company's latest attempt to fight sanctions that threaten its business. Huawei said it didn't get due process and was unfairly labeled a national security threat. This is a guide to how the company became a target for governments.
U.S. stock futures rose with shares in Europe and Asia as investors weighed the prospects of America removing a scheduled tariff hike on Chinese imports in 10 days. Treasuries and gold were little changed as the dollar nudged down. The pound continued to climb as expectations grow for a Conservative victory in next week's election.
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