And finally, the London stock market has ended a fairly uneventful day with many stocks little changed.

The FTSE 100 closed 2 point higher, or 0.03%, at 7216 - a really small move. Miners, utility companies, telecoms firms and healthcare stocks rose, but tech, energy and financial stocks fell.

JD Sports dragged teh index down, shedding almost 10% after its majority shareholder, Pentland, cut its stake.

Other European markets ended the day a little higher.

David Madden of CMC Markets explains:

The US-China trade situation is still at the forefront of traders’ minds. The Sunday deadline in relation to the US tariffs on $150 billion worth of Chinese imports is looming, and the lack of clarity has brought about low volatility in stocks. When it comes to the trade saga, it’s the same old story – there is talk the planned tariffs will be deferred.

It is possible the US might not slap on new levies, but in return they will be looking for Beijing to pledge to ramp up agricultural purchases.

Maybe we’ll learn more tomorrow, as Britain heads to the polls. Until then, goodnight! GW

Newsflash: The oil price is falling sharply, following a surprise rise in US crude stocks.

US oil inventories rose by 822,000 barrels, defying expectations of a 2.8m drop.

That suggests weaker demand for energy - not what Aramco wants to hear today!

In response, Brent crude has dropped by $1 per barrel, from $64.26 to $63.22.

Astonishingly, Saudi Aramco is now worth more than the combined value of every company on Germany’s DAX index.

We mentioned earlier that only 1.5% of Aramco’s shares were floated.

That boosts the company’s value in two ways. First it creates scarcity, so investors who HAVE to own the company (such as a tracker fund) pay more.

Second, small flows into (or out of) the stock will have disproportionate impact on the overall market capitalisation, compared to a typical IPO where more shares are in public hands.

Bloomberg have written a nice piece about how Wall Street put a spanner into the wheels of the Aramco IPO, by refusing to accept that it could be worth $2trn.

Given the international wariness over Aramco, Saudi officials are clearly pleased to have pulled off the float.

Energy minister Prince Abdulaziz bin Salman says it is ‘vindication’ for the authorities:

“It’s a great day for Saudi Arabia and the leadership of Saudi Arabia and for the people of Saudi Arabia.

It’s a D-Day for Aramco, it’s a day of reckoning and vindication.”

The Saudi stock market has now closed, with Aramco finishing its first day exactly 10% higher (the maximum daily move at 35.2 riyals.

That lifts its valuation from $1.7trn to $1.87trn.

If Aramco surges by another 10% on the next trading session, on Thursday, it would become the first company to be valued at $2trn.

Pre-election jitters also appear to be hitting UK stocks.

The FTSE 250 index of medium-sized listed companies is down 1% today, with every sector in the red. It’s a better barometer of UK economic prospects than the FTSE 100 (which is broadly unchanged today).

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.

Fiona Cincotta of City Index says:

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.

Aramco is now TWICE as valuable as Amazon, the e-commerce giant (currently worth $862bn).

And this morning, Amazon’s efforts to take a stake in food delivery group Deliveroo have taken a knock - regulators think the plan would hurt customers.

Aramco’s sparkling market debut is “a piece of rare good news for Bin Salman’s embattled project to transform his country’s society and economy”.

That’s according to the Britain Israel Communications and Research Centre, which writes:

One of the major obstacles for Aramco was the very high valuation at $2 trillion, which officials were forced to bring down to $1.7 trillion.

Early evidence of trading suggests that this $2 trillion mark will be reached, helping to provide some of the funds the Saudi royal family needs to wean the country off its oil dependence

Jasper Lawler of London Capital Group suspects Aramco may struggle to justify its huge valuation, as the world moves beyond fossil fuels:

A listing in Riyadh with mostly domestic investors doesn’t have the prestige of an international listing in New York or London. But there is no denying the numbers. Saudi Arabia has made its mark in public markets.

The listing was over four times subscribed so the first day always looked like it was going to be strong. Whether enthusiasm holds up longer term will in part rest upon the host nation’s ability to stay relevant for the world’s future energy needs. The oil industry needs to adapt to higher supply from the United States and calls for lower fossil fuel use because of climate change. Given the challengers, it is not impossible that this is the high watermark for Aramco.

Back in the UK, holiday and insurance group Saga has turned to the former boss of fashion chain SuperDry.

Saga, which targets over-50s consumers, hopes that Euan Sutherland (42) can revitalise its fortunes after seeing shares tumble this year.

He certainly has a record for shaking things up, as Jasper Jolly writes:

Saga will be the latest struggling company on Sutherland’s CV. In 2013 he was appointed as the boss of the Co-operative Group but quit after 10 months. He had reportedly earned the moniker “Pol Pot”, after the Cambodian dictator, from colleagues who thought he was pushing for change too quickly.

Sutherland has previously also served as head of the DIY retailer B&Q and is on the board of the Robinson’s drinks maker, Britvic.

Aramco’s stock hasn’t shifted since it surged 10%, the maximum allowed, at the start of trading.

That suggests there’s still strong buying interest among investors in Riyadh, so the stock could rally again tomorrow.

Here’s a reminder that Saudi Arabia has only sold a tiny slice of Aramco, just 1.5% of its stock.

Professor John Colley, Associate Dean at Warwick Business School, reckons Aramco’s value will keep rising.... perhaps thanks to allies of the Saudi royal family:

“One senses that the Crown Prince will get his own way in the end with a $2 trillion valuation for Saudi Aramco.

“It has been his determination since the very idea of an IPO was mooted. Despite much contrary advice from his advisors that the business was only worth between $1.2 and $1.5 trillion, he has pressed ahead.

“They have had to launch the IPO on their own stock exchange as the valuation was unlikely to be achieved elsewhere. Tax and dividend arrangements have also been changed to make it more attractive.

“However, a surging price on launch suggests that buying may be from those affiliated to the crown prince. After all, if this IPO goes well there will be further Aramco issues which will no doubt produce major fees for advisors.”

Aramco’s role as the top CO2 producer could (indeed should) deter some investors from taking a stake, if they take the climate emergency seriously.

Andy Critchlow of S&P Global Platts says fund managers will have environmental, social and corporate governance concerns:

The boss of Aramco, Amin Nasser, is understandably happy about today’s float.

CNBC’s Emma Graham reports:

As well as being the world’s most valuable company, Aramco is also one of the biggest contributors to the climate crisis.

Aramco heads the list of the 20 fossil fuel companies who have created more than one-third of all greenhouse gas emissions in the modern era.

Indeed, the Saudi oil giant has produced 4.38% of the global CO2 emissions since 1965, as the Guardian showed two months ago.

Here’s Associated Press’s take:

Saudi Arabia’s oil company Aramco is listed and started trading on the Saudi Tadawul stock exchange on Wednesday for the first time after a mammoth $25.6 billion initial public offering that set the record as the biggest ever in history.

The state-owned company had announced a sale of 1.5% of its shares at 32 Saudi riyals a share, or what is $8.53.

At pre-trading auction earlier in the morning, Saudi Aramco’s shares reached 35.2 riyals, or $9.39 a share, according to Saudi state TV. That’s an increase of 10%, hitting the regulatory cap on daily increases or decreases for the stock. That pushes the company’s value up to $1.88 trillion.

Bloomberg’s Javier Blas points out that Aramco’s float is being driven by local demand, with overseas investors keeping away....

Saudi Aramco is now worth $1.87 trillion, based on this morning’s spike.

The chairwoman of the Saudi stock market has confirmed that Aramco has become the world’s largest listed company.

Reuters has more details:

Sarah al-Suhaimi was speaking at a ceremony marking the initial public offering (IPO) of the stock on the exchange in Riyadh.

She added that the exchange will also become one of the world’s largest due to the listing.

The word on the Tadawul trading floor is that Aramco’s stock could indeed spike by 10% once the pre-market auction gets underway.....

Given the importance of Aramco to the Saudi authorities, it’s quite likely that today’s IPO will go well.

As Zachary Cefaratti, chief executive officer at Dalma Capital Management Ltd, told Bloomberg:

“It’s likely that we will see Aramco bid up to $2 trillion [valuation] or higher in the first days of trading, and potentially to trade limit up on the first day.

It’s worth noting that shares on the Saudi stock market are only allowed to rise or fall by 10% per day. There’s a limit to how well, or badly, Aramco can do.