Elon Musk acquires Twitter, recession risks loom

News of the day, Tuesday, April 5

Saudi Aramco, the world's largest oil company, raises crude prices for the U.S., Europe and Asia in May. Such moves are usually consequent of production increases: someone starts to produce more oil, then Saudis raise prices. Last week the USA announced to release its Strategic Petroleum Reserve, while American oil producers have pledged to increase the oil supply. Altogether, these measures may cool down red-hot inflation.

Elon Musk has acquired a 9.2% share of Twitter. Social network stocks have surged 26% after that. Now, Elon Musk owns 73.48 million Twitter shares, becoming its largest shareholder. A week before, Elon Musk has announced that he considers creating a new social network.

Gold decreased in early Asian trade today, as investors are waiting for further Fed interest rate increases which may put the lid on the precious metal price. The market is also considered about growing recession risks. The inversion of the treasury yield curve, where the two-year yields are higher than 10-year is "now clear for all to see and has previously been a fairly reliable recession indicator," Oanda said.

The price of Brent crude is $109.20, WTI — $105.00, GBP/USD — 1.3126, EUR/USD — 1.0967, and gold costs $1930.70 per ounce.