NEW YORK: A global sell-off in stocks came back around to the US in morning trading Friday after President Donald Trump doubled down on “trade war” talk.
Trump took to Twitter to defend his promise from Thursday to impose stiff tariffs on imports of steel and aluminum, saying the US is losing on trade with virtually every country and that “trade wars are good” and “easy to win.”
Investors have a different impression. Markets tumbled in Asia, where China expressed “grave concern,” and spread to Europe, where the president of the EU’s governing body promised retaliation if Trump follows through. When markets opened in the US, the Dow Jones industrials and S&P 500 were sharply lower, following steep declines Thursday.
A trade war would threaten one of the key reasons investors were optimistic about stocks coming into 2018: That the global economy was finally strengthening in sync, which would lead to higher corporate profits. Big US companies are heavily reliant on global trade, which means investors in US stocks have only recently begun feeling the full benefit.
Companies in the S&P 500 got 43 percent of their sales from outside the US in 2016, according to the most recent data from S&P Dow Jones Indices. That means Apple and other big US companies are dependent on customers not only in Peoria but also Paris and Peru.
A “trade war is in no one’s interests,” said Roberto Azevedo, head of the World Trade Organization.
In Asia, Japan’s Nikkei 225 plunged 2.5 percent, the Hang Seng in Hong Kong fell 1.5 percent and South Korea’s Kospi dropped 1 percent. In Europe, France’s CAC 40 lost 2.2 percent, and Germany’s DAX fell 2.1 percent. The FTSE 100 in London gave up 1.2 percent.
Stocks keep plunging amid ‘grave concern’
Stocks keep plunging amid ‘grave concern’
Arab Energy Fund takes minority stake in Saudi energy firm APSCO
RIYADH: The Arab Energy Fund has acquired a minority stake in Saudi Arabia’s Arabian Petroleum Supply Co., backing one of the Kingdom’s largest private energy solutions providers as it looks to expand across the Middle East and beyond.
The investment initiates a partnership aimed at pursuing opportunities across the Middle East, North Africa, and select international markets, covering APSCO’s core and adjacent business sectors.
The move underscores TAEF’s commitment to investing in established regional leaders while promoting innovation and sustainable growth across the energy value chain.
According to a press release, the transaction marks The Arab Energy Fund’s first investment of 2026, following an active 2025 during which the fund completed several key deals, including investments in Jafurah Midstream Gas Co. alongside BlackRock and in the platform Tagaddod.
Khalid Al-Ruwaigh, CEO of The Arab Energy Fund, commented on the deal, saying: “APSCO represents a unique platform with strong fundamentals and a proven track record in critical energy segments.”
He added: “This investment aligns with our mandate to support high-quality energy and energy-adjacent businesses that are well-positioned to capture growth across the region and beyond.”
The Arab Energy Fund is a multilateral impact financial institution established in 1974 by 10 Arab oil-exporting countries.
Mohammed Ali Ibrahim Alireza, managing director, APSCO, said: “We welcome The Arab Energy Fund as a strategic partner supporting our next phase of growth.”
He added: “As a pioneer in energy solutions for over 60 years, APSCO remains committed to quality, reliability, and innovation, while continuing to contribute to Vision 2030 by enhancing efficiency and minimizing environmental impact.”
The partnership is designed to bolster APSCO’s long-term growth strategy, operational excellence, and geographic expansion, leveraging TAEF’s regional expertise and institutional network.
APSCO is a Saudi energy company with more than 60 years of experience in integrated energy solutions, including aviation fuels, lubricants, and a nationwide automotive retail network.
The company holds long-term partnerships with global energy leaders, including a 60-year relationship with ExxonMobil for lubricant distribution across several Middle Eastern countries. Since 1999, APSCO has also been the exclusive aviation fueling services provider for Saudia.
