American economists Robert Hall and Michael Woodford won the 2026 Nobel Prize in Economics, in recognition of their contributions to strengthening policymakers' tools to confront economic shocks, by developing models that help understand economic fluctuations and design stabilization policies.
Their work focuses on the role of household, corporate, and market expectations in guiding consumption, investment, and setting prices, helping central banks and governments understand the impact of economic policy decisions and improve their effectiveness.
Hall studied the relationship between income expectations and consumer spending, while Woodford highlighted the role of market expectations in determining prices and the importance of communicating the future path of interest rates. This approach is gaining importance in light of the challenges facing policy makers with renewed inflationary pressures and energy market turmoil related to the war with Iran.
The prize value is 12 million Swedish krona, or about $1.2 million.
At its sixteenth session, which was held in Riyadh, the Arab Ministerial Council for Electricity discussed developments in the Arab Common Market for Electricity and a pilot project for energy exchange between Jordan, Saudi Arabia and Egypt, within the framework of efforts to enhance electrical integration among Arab countries.
The Kingdom chaired the meeting, which was held on Monday on the sidelines of the World Petroleum Conference, as part of the “Riyadh Energy Week” activities, with the participation of ministers, officials and representatives of concerned Arab parties.
The Council also discussed the issues of renewable energy and energy efficiency, cooperation in the field of clean hydrogen, and the exchange of experiences in the economics and technologies of district cooling, in addition to developing Arab programs related to the efficiency of energy production and use.
These discussions come in the context of efforts to enhance Arab cooperation in the electricity sector, support energy security, network integration, and exchange experiences between participating countries.
US stocks began an eventful week with mixed trading on Monday, keeping major indices near their record levels.
The Standard & Poor's 500 index settled with little change, trading near its record level recorded last week. On the other hand, the Dow Jones Industrial Average rose 91 points, or 0.2 percent, by 9:58 a.m. Eastern Time, while the Nasdaq Composite Index fell by 0.1 percent, according to the Associated Press.
Energy sector stocks recorded some of the largest gains, supported by the rise in oil prices, as “Exxon Mobil” stock rose by 1.8 percent, and “Chevron” stock rose by 1.9 percent.
On the other hand, technology stocks were the most prominent pressure on the market, with “Micron Technology” stock declining by 4.2 percent, and “Advanced Micro Devices” stock falling by 1.8 percent. The two companies are part of a group of technology companies with a huge market value, whose stock movements greatly affect market performance.
The price of Brent crude, the global oil standard, rose 2.1 percent to $106.95 per barrel. Prices have fluctuated between $96 and about $110 over the past month, amid uncertainty about the US war with Iran and its ongoing repercussions on global energy supplies and inflation rates.
The rise in prices came despite President Donald Trump announcing, via social media on Friday, that he had reached an agreement with Russian President Vladimir Putin to purchase Russian diesel, in an effort to limit the sharp rise in fuel prices ahead of the US midterm elections scheduled for November 3. However, this plan conflicts with US efforts to limit the revenues that Russia earns from oil and gas exports, which it could use to finance its war on Ukraine.
The rise in energy prices and its repercussions on the economy in general will be at the forefront of market concerns this week, at a time when Wall Street awaits the release of a group of important economic data, including new indicators on the housing market, inflation, and retail sales. Likewise, the pace of companies announcing their financial results is accelerating, with anticipation of the results of a number of major banks, including Citigroup, JP Morgan Chase, and Wells Fargo.
In the bond market, trading on US bonds stopped on the occasion of the Columbus Day holiday.
European markets recorded gains, while most Asian markets tended to decline, while the Tokyo Stock Exchange was closed due to an official holiday.
