Dan Celia: Geopolitical Events, a New Saudi IPO and a Strong Earnings Season Here at Home
November 4, 2019
PHILADELPHIA—Nationally syndicated host and biblical investing authority Dan Celia said today that several geopolitical events, a new, long-awaited Saudi IPO, a strong Dow and better-than-expected domestic earnings all point to a busy week for financial headlines.
“Lately, every week economically has been interesting—and this week is no different,” Celia said. “Geopolitical events are certainly impacting markets and economies, elevating concern and causing some volatility. Saudi Arabia is officially launching an initial public offering for the state-owned company, Saudi Aramco. Everyone has been waiting for this energy IPO, and there is a possibility, maybe even a likelihood, that this IPO could be the world’s largest. If it achieves a valuation of $1.5 trillion, it would far exceed the market capitalization of two of the giants: Apple and Microsoft. So this would be a very significant IPO, to say the least. Saudi Aramco is one of the largest and most profitable companies in the world.
“Here at home, we will be through the heart of earnings season at the end of this week, and it continues to shape up to be much better than everyone expected,” Celia added. “As we look back on Friday, the Dow jumped. This week, factory orders will also come out, which will be an interesting number to watch, as well as manufacturing numbers and service sector numbers. Some analysts believe the service sector numbers could be up over one full percentage point, which would be another significant move upward. Job openings for September are also expected, and in all likelihood, this number will stay over 7 million. Productivity is the most important number of the week as far as I’m concerned, and I wouldn’t be surprised to see that around 1%, or maybe just under.”
Celia discusses these and other global and economic headlines on his daily, three-hour “Financial Issues” program, heard on more than 650 radio stations and several television networks nationwide.
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