On Dec. 20, the Dow Jones index reached an all-time high of 28,533. As per usual, global stock markets followed the US lead. Digging a bit deeper, things look less clear cut.

The government of Saudi Arabia presented the 2020 budget on Tuesday. 

Striking a balance between economic growth and fiscal sustainability was the key objective, shown by the fact the budget deficit is forecast to stay below 30 percent of GDP through 2022. 

There is now more clarity with regard to Saudi Aramco’s initial public offering (IPO), with the number of shares put up coming in at 3 billion, or 1.5 percent of total stock, putting the company’s indicative valuation between $1.6 trillion and $1.7 trillion.

Eager investors waited for three years for this moment: The prospectus for the Saudi Aramco initial public offering (IPO) came out on Nov. 10. The transaction is billed to become the largest IPO in history.