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Expand chart
Data: Investing.com; Chart: Axios Visuals

J.P. Morgan Chase is close to winning the lead advisory role for state-owned oil company Saudi Aramco's IPO, which is expected to be the largest ever at $25 billion. A final decision is expected next week, CNBC reports, citing inside sources.

What's happening: Saudi authorities reportedly plan to sell 5% of Aramco’s shares on the local Tadawul stock exchange and launch another, much larger, offering in a foreign market in the next 2 years.

  • Rumors have swirled about which location will get the much larger listing, with Tokyo most recently reported as the favored destination.
  • The exchange's CEO promised last year shares of Aramco listed on the Tadawul would be limited so as not to overwhelm the $500 billion bourse with Aramco's $2 trillion market value.

Of note: The Tadawul was recently incorporated into MSCI's emerging markets index, which has brought billions of dollars to the exchange so far this year.

  • From the start of 2019 through the end of July, foreign investors have accounted for 21% of total trading, reaching $56 billion, according to an August exchange filing.
  • The Saudi index had risen nearly 20% at its peak in May, Reuters reported.
  • However, the index has seen a steep slide since, due to geopolitical worries and the trade war, and is up 2.5% year-to-date.

Go deeper: Saudi Arabia's oil minister is out in a major shake-up

Go deeper

"Atmospheric river" swings parts of Pacific Northwest from drought to flood

Satellite view of the bomb cyclone swirling off the coast of the Pacific Northwest and the atmospheric river affecting California on Oct. 24. Photo: CIRA/RAMMB

A series of powerful "atmospheric river" storms are delivering historic amounts of rainfall across parts of drought-stricken California and the Pacific Northwest — triggering widespread power outages, flooding and mudslides.

Why it matters: The atmospheric river, packing large amounts of moisture, was causing Northern California to whiplash from drought to flood, as it slowly moved south overnight. The storm system claimed the lives of two people in Washington state after a tree fell on a vehicle amid powerful winds Sunday.

In photos: Drought-ravaged California lashed by major storm

Workers try to divert water into drains as rain pours down on Oct. 24 in Marin City, California. Photo: Justin Sullivan/Getty Images

A major storm system was pummeling Northern California and parts of the Pacific Northwest with heavy rains overnight.

The big picture: "Atmospheric river" storms, associated with a record-strong "bomb cyclone" offshore from the Pacific Northwest, have brought flooding and mudslides to parts of California that were razed by recent wildfires and in severe drought. It's also caused widespread power outages in California, Oregon and Washington state.

3 hours ago - World

Sudan's military places civilian prime minister under house arrest

Sudanese Prime Minister Abdallah Hamdok during a 2020 news conference in Khartoum, Sudan. Photo: Mahmoud Hjaj/Anadolu Agency via Getty Images

Sudan's civilian Prime Minister Abdalla Hamdok was put under house arrest and several other ministers were also detained Monday in what appears to be a military coup in the country, per local reports.

Why it matters: The arrests of the civilian faction in the Sudanese government came a day after U.S. envoy Jeffrey Feltman met with the head of the military faction of the Sudanese government General Abdul Fattah al-Burhan and warned him against staging a coup.