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’
Royal Commission for AlUla, SURJ partner to develop sports sector
RIYADH: The Royal Commission for AlUla has signed a memorandum of collaboration with SURJ Sports Investment to explore the development of sports programs and content in AlUla, evaluate opportunities for joint investment, and assess potential hosting of high‑quality sporting events, thereby strengthening AlUla’s position as a global destination for sport and major events.
The memorandum seeks to establish a framework for future collaboration in the field of sports investment, the activation of initiatives and programs related to hosting tournaments and events, and the exploration of opportunities within SURJ’s investment portfolio, in alignment with the commission’s strategic directions and in support of diversifying the sports landscape in the governorate.
The areas of cooperation include exploring opportunities to host and activate the Professional Fighters League MENA series in AlUla, developing tennis and polo, as well as cycling, athletics, and show jumping.
This also includes assessing investment opportunities in complementary sports content, recovery and rehabilitation programs, training camps, and the attraction of international championships, contributing to the strengthening of AlUla’s presence on global sporting calendars.
The memorandum further provides for cooperation in evaluating and developing polo in AlUla, including studying the possibility of awarding multi-year hosting rights starting from 2027, in line with AlUla’s long-term vision for the development of equestrian and heritage sports.
The Royal Commission for AlUla and SURJ Sports Investment emphasized the importance of integration in developing year-round promotional and activation opportunities, and leveraging SURJ’s intellectual property rights and content, contributing to the establishment of a comprehensive, multi-sport ecosystem in AlUla that supports its economic and developmental objectives.
The commission reaffirmed its commitment to expanding its strategic partnerships and strengthening the role of the sports sector as a key driver of sustainable development, reflecting AlUla’s position as a leading destination for sporting and cultural events at both local and global levels.
