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Turmoil in the U.K. and Hong Kong could influence where Saudi Aramco's massive international IPO listing happens, reports the Wall Street Journal.

Why it matters: The reporting shows how geopolitical upheaval is spilling into the high-stakes competition for what's likely to be — if it happens — the largest IPO ever.

  • Per the WSJ, Aramco is leaning toward Tokyo for the international portion of the IPO, which under one plan would follow a listing on the smaller Saudi exchange.

The intrigue: Saudi officials have reportedly cooled on the London Stock Exchange, which has wooed the Saudis for the lucrative placement.

  • The Saudis are "increasingly concerned about the regulatory uncertainty" that could arise from the U.K.’s planned exit from the EU this fall.
  • "An Aramco adviser said leaving without an agreement increased the chances that the U.K. would align its legislation with the U.S .— including the terrorism laws that have been an impediment to a New York listing," writes the WSJ.
  • The story also says that geopolitical turmoil in Hong Kong means the Saudis are leaning away from that exchange.

Aramco did not respond to a request for comment from Axios.

Go deeper: British pound doesn't flinch ahead of possible no-deal Brexit

Go deeper

Ina Fried, author of Login
19 mins ago - Economy & Business

The pandemic isn't slowing tech

Illustration: Eniola Odetunde/Axios

Thursday's deluge of Big Tech earnings reports showed one thing pretty clearly: COVID-19 may be bad in all sorts of ways, but it's not slowing down the largest tech companies. If anything, it's helping some companies, like Amazon and Apple.

Yes, but: With the pandemic once again worsening in the U.S. and Europe, it's not clear how long the tech industry's winning streak can last.

Texas early voting surpasses 2016's total turnout

Early voting in Austin earlier this month. Photo: Sergio Flores/Getty Images

Texas' early and mail-in voting totals for the 2020 election have surpassed the state's total voter turnout in 2016, with 9,009,850 ballots already cast compared to 8,969,226 in the last presidential cycle.

Why it matters: The state's 38 Electoral College votes are in play — and could deliver a knockout blow for Joe Biden over President Trump — despite the fact that it hasn't backed a Democrat for president since 1976.

Wall Street braces for more turbulence ahead of Election Day

Illustration: Eniola Odetunde/Axios

Wall Street is digging in for a potentially rocky period as Election Day gets closer.

Why it matters: Investors are facing a "three-headed monster," Brian Belski, chief investment strategist at BMO Capital Markets, tells Axios — a worsening pandemic, an economic stimulus package in limbo, and an imminent election.