Most Important News

1. US Stocks Plummet Amid Trade War and Fed Inaction;
2. Oil Prices Plunge Amid Escalating Trade War;
3. AlJazira Takaful Board Recommends 3% Dividend for 2024;

1. Market Summary

Saudi Arabia’s Tadawul All Shares Index(TASI.SA) fell 142.40 points, or 1.18%, closing at 11,882.65 on Thursday. The Kingdom’s parallel market, the Parallel Market Capped Index (NomuC)(NOMUC.SA), also experienced a downturn, losing 445.6 points, or 1.43%, to end at 30,640.93.

US markets closed with significant losses: the Dow Jones Industrial Average(DJI.US) dropped 2,231.07 points, or 5.50%, to 38,314.86; the  NASDAQ(IXIC.US) fell 962.82 points, or 5.82%, to 15,587.79; and the  S&P 500 INDEX(SPX.US) declined 322.44 points, or 5.97%, to 5,074.08. For the week, the Dow tumbled 7.86%, the Nasdaq slid 10.02%, and the S&P 500 decreased 9.08%.

2. Quick News

US Stocks Plummet Amid Trade War and Fed Inaction

US markets saw a significant sell-off on Friday, erasing over $3 trillion in value, amid escalating trade tensions and Fed Chair Powell's decision to hold rates steady. The NASDAQ fell over 20% from its December high, entering a bear market, while the Dow Jones dropped 10%, signaling a correction. The S&P 500 neared a 7% circuit breaker.

The VIX index, Wall Street's fear gauge, surged 46% to 45.31, its highest close since April 2020. Despite strong March non-farm payroll data, market focus remains on tariffs and trade wars. JPMorgan analysts raised the global recession probability to 60%.

China announced retaliatory tariffs, escalating tensions. The Fed's stance on not reacting quickly to tariffs or market turmoil added to the downturn. Analysts warn that the trade war could lead to a global recession, with retaliation from other countries increasing risks.

Thornburg's Matt Burdett noted that the market may be underestimating the impact of tariffs on global trade and consumption, leading to unprecedented uncertainty and volatility since the pandemic.

Oil Prices Plunge Amid Escalating Trade War

Oil prices hit their lowest levels in over three years on Friday as China imposed tariffs on US goods, stoking fears of reduced demand amid an intensifying trade war. Brent crude for the June delivery fell 6.5% to $65.58 per barrel, ending a three-week winning streak and posting a weekly loss of 9.85%. WTI crude for the May delivery dropped 7.4% to $61.99 per barrel, marking a 10.65% weekly decline.

China's new 34% tariff on US goods, effective April 10, exacerbates global tensions following President Trump's tariff hikes. Goldman Sachs cut its Brent and WTI price targets by $5 each, to $66 and $62 per barrel for December 2025. HSBC reduced its 2025 global oil demand growth forecast to 0.9 million barrels per day, down from 1 million, due to tariffs and OPEC+'s production increase plans.

3. Stocks To Watch

KSA Stocks

AlJazira Takaful Board Recommends 3% Dividend for 2024

Aljazira Takaful Taawuni Co.(8012.SA)  has proposed distributing cash dividends totaling SR 19.8 million for the fiscal year 2024, pending approval by the General Assembly. The proposed dividend amounts to SR 0.30 per share, equating to 3% of the share's par value. Shareholders registered at the end of the second trading day after the General Assembly meeting will be eligible for the dividends, with the distribution date to be announced later. 

Chubb Arabia Appoints Kamran Mazhar as New CEO

CHUBB Arabia Cooperative Insurance Co.(8240.SA)  has announced the end of Abdulaziz Abdelkarim El Khereiji's tenure as acting CEO, effective April 6, 2025. El Khereiji will remain an Executive Board Member. The company has appointed Kamran Mazhar as the new CEO, starting on the same date. Mazhar, who has previously served as Chief Operating Officer and CEO at Chubb Arabia, brings extensive experience in the insurance industry. The Board has expressed appreciation for El Khereiji's leadership during his interim tenure and is optimistic about Mazhar's ability to drive the company's strategic vision and growth.

ACWA Power's 500MW Bash and Dzhankeldy Wind Projects in Uzbekistan Achieve Commercial Operation

ACWA POWER Co.(2082.SA) announced that the 500MW Bash Wind Independent Power Project and the 500MW Dzhankeldy Wind Independent Power Project in Uzbekistan have both achieved their Commercial Operation Dates, receiving their respective certificates on April 3, 2025. ACWA Power holds a 65% ownership stake in each project. The financial impact of these developments is expected to be reflected in the company’s Q2 2025 results.

USA Stocks

Meta Unveils Powerful AI Model Llama 4

Meta Platforms(META.US) introduced its most potent open-source AI model, Llama 4, available in two versions: Scout and Maverick. Llama 4 is a multimodal model that processes and integrates various data types, including text, video, images, and audio. Featuring a mixture of experts (MoE) architecture, Scout has 17 billion active parameters and 16 expert models, while Maverick has 17 billion active parameters and 128 expert models.

Apple Shares Plunge Amid Trade Tariff Concerns

Apple Inc.(AAPL.US)  dropped 7.29%, with a trading volume of $24.15 billion, causing its market cap to fall below $3 trillion. The stock has declined 13.55% over the past week. Analysts suggest that President Trump's proposed "reciprocal tariffs" could significantly alter global trade, severely impacting consumer goods like the iPhone. With cumulative tariffs on Chinese goods now at 54%, Apple faces the dilemma of absorbing extra costs or passing them to consumers. If passed on, iPhone prices could rise by 30%-40%. Apple sells over 220 million iPhones annually, with major US, Chinese, and European markets. The cheapest iPhone 16 model currently sells for $799 in the US.

4. Saudi Stock Calendar