Tadawul Review:

Tadawul All Share Index (TASI) closed in the green zone by gaining 61 points (+0.5%), ending the first session of the week on a positive note. The index commenced the phase by losing almost 60 points within the first trading hour, but then reversed course and rose for the remaining period. The Energy sector went down by -0.4% as SAUDI ARAMCO fell by -0.6% while PETRO RABIGH jumped +5.8%. Banks closed on a positive note by +1.2%, due to ALRAJHI which recorded gains of +3.6% to end at SAR 177.6/sh. The Capital Goods sector was the top gainer of all the sectors as it climbed +2.1%. Trading volumes and values decreased by -13.4% and -17.9%, respectively. The index may likely witness a continued upward momentum as investors monitor movement in the energy prices, especially the Brent prices which rose above USD 111/bbl.

Market Wrap International:

In the upcoming week, the earnings attention shifts to blue chips, with big names like Johnson & Johnson, IBM, Bank of America, Procter & Gamble, and American Express scheduled to report. Despite the earnings flood, Elon Musk's pursuit of Twitter could still be the most talked-about story of the week, with additional twists expected in the wake of Twitter's poison pill. The National Association of House Builders survey, a housing starts report, and an existing home sales update are all due out on the economic calendar this week. The latest PMI prints and the Philadelphia Fed manufacturing survey will also be issued.

With euro-area inflation data, scheduled to be released this week, is expected to expose the reasons for record-breaking inflation in March, the possibility of stagflation will stay at the forefront of investors' thoughts. The impact of Russia's war on Ukraine on the eurozone's economy will be revealed via flash PMI figures. The euro-area PMI survey for April will be one of the first indicators of how the conflict in Ukraine and the rise in commodity prices are impacting the bloc's economy. The composite PMI number in the United Kingdom is also expected to fall in April, as the impact of higher taxes and rising energy costs weighs on activity. Also, the European cost-of-living problem may be hurting French President Emmanuel Macron's popularity ahead of the presidential runoff on April 24. Macron's lead over Marine Le Pen in the polls has shrunk in recent days, causing investors to be concerned.