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Twitter Shares Take Wing, Oil Prices Rebound

Twitter shares flutter after Elon Musk bought a major stake in the company Kirill KUDRYAVTSEV AFP/File
Twitter shares flutter after Elon Musk bought a major stake in the company Kirill KUDRYAVTSEV AFP/File
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Twitter Shares Take Wing, Oil Prices Rebound

Twitter shares flutter after Elon Musk bought a major stake in the company Kirill KUDRYAVTSEV AFP/File
Twitter shares flutter after Elon Musk bought a major stake in the company Kirill KUDRYAVTSEV AFP/File

Stock markets were relatively subdued on Monday while oil prices rose as Western nations eyed more sanctions on Russia, but Twitter stood out as its shares soared after Elon Musk purchased a major stake in the social network.

Twitter's stock soared more than 25 percent after news of the Tesla boss's investment, AFP said.

According to a document filed with the US Securities and Exchange Commission, Musk acquired nearly 73.5 million Twitter shares -- a 9.2-percent stake in the company.

While Twitter is not large enough in terms of capitalization to impact the wider market, market analyst Patrick O'Hare said the move has bolstered sentiment.

"What the market is really responding to is the timing of Musk's purchase and the supposition that it is an encouraging signal that longer-term investment opportunities might be availing themselves now in former high-flying stocks," he said.

European stock markets closed with modest gains, while Wall Street also forged higher.

The tech-rich Nasdaq had an especially buoyant session, climbing nearly two percent behind strong gains in Amazon, Apple and other tech giants.

The EU said it is urgently discussing a new round of sanctions on Russia as it condemned "atrocities" reported in Ukrainian towns that have been occupied by Moscow's troops, while White House National Security Advisor Jake Sullivan signaled more US sanctions would also be announced this week.

"Even fresh sanctions talk does not appear to be having much of an effect, as the market learns to look past the immediate hit to earnings," said analyst Chris Beauchamp at online trading platform IG.

"The strength of Friday's payrolls report remains a motivating factor too, even if it has also emboldened Fed policy makers to think more seriously about a 50 basis point hike next time they meet," he added.

The world's top economy added 431,000 jobs in March while the US unemployment rate fell to just slightly above pre-pandemic levels, official data showed Friday.

Oil prices rallied after falling last week on concerns about demand given Covid lockdowns in China and the 31-nation International Energy Agency agreeing to tap its vast reserves to offset the removal of Russian exports.

"Oil prices have rebounded after last week's big falls with US prices recovering back above $100 a barrel, in the wake of renewed calls for further sanctions against Russian oil and gas imports," said market analyst Michael Hewson at CMC Markets.

"This appears to be outweighing concerns over Chinese demand after the whole of Shanghai, a city of 25 million people, was put into a Covid lockdown," he added.

- Key figures around 2115 GMT -
New York - Dow: UP 0.3 percent at 34,921.88 (close)

New York - S&P 500: UP 0.8 percent at 4,582.64 (close)

New York - Nasdaq: UP 1.9 percent at 14,532.55 (close)

London - FTSE 100: UP 0.3 percent at 7,558.92 (close)

Frankfurt - DAX: UP 0.5 at 14,518.16 (close)

Paris - CAC 40: UP 0.7 percent at 6,731.37 (close)

EURO STOXX 50: UP 0.8 percent at 3,951.12 (close)

Tokyo - Nikkei 225: UP 0.3 percent at 27,736.47 (close)

Hong Kong - Hang Seng Index: UP 2.1 percent at 22,502.31 (close)

Shanghai - Composite: Closed for a holiday

Brent North Sea crude: UP 3.0 percent at $107.53 per barrel

West Texas Intermediate: UP 4.0 percent at $103.28 per barrel

Euro/dollar: DOWN at $1.0978 from $1.1043 late Friday

Pound/dollar: FLAT at $1.3114

Euro/pound: DOWN at 83.65 pence from 84.21 pence

Dollar/yen: UP at 122.78 yen from 122.52 yen

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Business

IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
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IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.

Business

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.

Business

Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
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Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).

Harvard University economics professor Pol Antràs said Saudi Arabia represents an exceptional model in the shifting global trade landscape, differing fundamentally from traditional emerging-market frameworks. He also stressed that globalization has not ended but has instead re-formed into what he describes as fragmented integration.

Speaking to Asharq Al-Awsat on the sidelines of the AlUla Conference for Emerging Market Economies, Antràs said Saudi Arabia’s Vision-driven structural reforms position the Kingdom to benefit from the ongoing phase of fragmented integration, adding that the country’s strategic focus on logistics transformation and artificial intelligence constitutes a key engine for sustainable growth that extends beyond the volatility of global crises.

Antràs, the Robert G. Ory Professor of Economics at Harvard University, is one of the leading contemporary theorists of international trade. His research, which reshaped understanding of global value chains, focuses on how firms organize cross-border production and how regulation and technological change influence global trade flows and corporate decision-making.

He said conventional classifications of economies often obscure important structural differences, noting that the term emerging markets groups together countries with widely divergent industrial bases. Economies that depend heavily on manufacturing exports rely critically on market access and trade integration and therefore face stronger competitive pressures from Chinese exports that are increasingly shifting toward alternative markets.

Saudi Arabia, by contrast, exports extensively while facing limited direct competition from China in its primary export commodity, a situation that creates a strategic opportunity. The current environment allows the Kingdom to obtain imports from China at lower cost and access a broader range of goods that previously flowed largely toward the United States market.

Addressing how emerging economies should respond to dumping pressures and rising competition, Antràs said countries should minimize protectionist tendencies and instead position themselves as committed participants in the multilateral trading system, allowing foreign producers to access domestic markets while encouraging domestic firms to expand internationally.

He noted that although Chinese dumping presents concerns for countries with manufacturing sectors that compete directly with Chinese production, the risk is lower for Saudi Arabia because it does not maintain a large manufacturing base that overlaps directly with Chinese exports. Lower-cost imports could benefit Saudi consumers, while targeted policy tools such as credit programs, subsidies, and support for firms seeking to redesign and upgrade business models represent more effective responses than broad protectionist measures.

Globalization has not ended

Antràs said globalization continues but through more complex structures, with trade agreements increasingly negotiated through diverse arrangements rather than relying primarily on multilateral negotiations. Trade deals will continue to be concluded, but they are likely to become more complex, with uncertainty remaining a defining feature of the global trading environment.

Interest rates and artificial intelligence

According to Antràs, high global interest rates, combined with the additional risk premiums faced by emerging markets, are constraining investment, particularly in sectors that require export financing, capital expenditure, and continuous quality upgrading.

However, he noted that elevated interest rates partly reflect expectations of stronger long-term growth driven by artificial intelligence and broader technological transformation.

He also said if those growth expectations materialize, productivity gains could enable small and medium-sized enterprises to forecast demand more accurately and identify previously untapped markets, partially offsetting the negative effects of higher borrowing costs.

Employment concerns and the role of government

The Harvard professor warned that labor markets face a dual challenge stemming from intensified Chinese export competition and accelerating job automation driven by artificial intelligence, developments that could lead to significant disruptions, particularly among younger workers. He said governments must adopt proactive strategies requiring substantial fiscal resources to mitigate near-term labor-market shocks.

According to Antràs, productivity growth remains the central condition for success: if new technologies deliver the anticipated productivity gains, governments will gain the fiscal space needed to compensate affected groups and retrain the workforce, achieving a balance between addressing short-term disruptions and investing in long-term strategic gains.