NEW YORK: Wall Street was sharply lower at the open on Monday as the spiraling trade dispute between Beijing and Washington weighed on global stocks.
China on Friday vowed to slap tariffs on up to $50 billion in US imports, including crude oil, retaliating like-for-like against US tariffs on Chinese goods announced the same day by President Donald Trump.
Ten minutes into the day’s trading, the benchmark Dow Jones Industrial Average was about a full percentage point down at 24,841.95, putting the index on track for a five-day losing streak.
Meanwhile the broader S&P 500 and tech-heavy Nasdaq had both fallen 0.8 percent to 2,758.57 and 7,681.37 respectively.
Aircraft giant Boeing was down 0.7 percent and heavy equipment manufacturer Caterpillar had slumped 1.7 percent. Both are Dow components seen as exposed to foreign trade.
Patrick O’Hare of Briefing.com said trade worries had in recent days tended to spark lower opens, with stocks recovering somewhat during the day as investors gained their footing, as happened Friday.
However, Friday saw additional buying as many stock options expired that day, providing support that the markets would likely do without on Monday.
Perhaps “today is the market’s true self following a weekend of reflection on some clearly negative trade headlines,” he wrote.
Oil prices were holding steady in New York following China’s tariff decision and ahead of Friday’s meeting of the Organization of the Petroleum Exporting Countries, which is due to address market supply.
US media giant Disney had fallen 1.5 percent after analysts downgraded the company to “sell” on fears that a bidding war it is fighting with Comcast for the assets of 21st Century Fox would leave Disney in a lose-lose situation: pay too much or fail to capture needed new business.
Shares in Chinese e-retailer JD.Com jumped 2.3% following news that Google parent Alphabet had invested $550 million in the company.
Stocks slide as Wall Street fears worsening US-China trade spat
Stocks slide as Wall Street fears worsening US-China trade spat
Acwa signs key terms to develop 5GW of renewable energy capacity in Turkiye
JEDDAH: Saudi utility giant Acwa has signed key investment agreements with Turkiye’s Ministry of Energy and Natural Resources to develop up to 5 gigawatts of renewable energy capacity, starting with 2GW of solar power across two plants in Sivas and Taseli.
Under the investment agreement, Acwa will develop, finance, and construct, as well as commission and operate both facilities, according to a press release.
The program builds on the company’s first investment in Turkiye, the 927-megawatt Kirikkale Independent Power Plant, valued at $930 million, which offsets approximately 1.8 million tonnes of carbon dioxide annually, the statement added.
A separate power purchase agreement has been concluded with Elektrik Uretim Anonim Sirketi for the sale of electricity generated by each facility.
Turkiye aims to boost solar and wind capacity to 120GW by 2035, supported by around $80 billion in investment, while recent projects have already helped prevent 12.5 million tonnes of CO2 emissions and reduced reliance on imported natural gas.
Turkiye’s energy sector has undergone a rapid transformation in recent years, with renewable power emerging as a central pillar of its strategy.
Raad Al-Saady, vice chairman and managing director of ACWA, said: “The signing of the IA (implementation agreement) and PPA key terms marks a pivotal moment in Acwa’s partnership with Turkiye, reflecting the country’s strong potential as a clean energy leader and manufacturing powerhouse.”
He added: “Building on our long-standing presence, including the 927MW Kirikkale Power Plant commissioned in 2017, this step elevates our partnership to a new level,” Al-Saady said.
In its statement, Acwa said the 5GW renewable energy program will deliver electricity at fixed prices, enhancing predictability for grid planning and supporting long-term industrial investment.
By replacing imported fossil fuels with domestically generated clean energy, the initiative is expected to reduce Turkiye’s exposure to global energy market volatility, strengthening energy security and lowering long-term power costs.
The company added that the economic impact will extend beyond the anticipated investment of up to $5 billion in foreign direct investment, with thousands of jobs expected during the construction phase and hundreds of high-skilled roles created during operations.
The energy firm concluded that its existing progress in Turkiye reflects a strong appreciation for Turkish engineering, construction, and manufacturing capacity, adding that localization has been a strategic priority, and it has already achieved 100 percent local employment at its developments in the country.
