Financial markets signal that the torrent of American CEOs pulling out next week's Saudi investment conference is not a great concern among global investors and traders, economist Mohamed El-Erian told CNBC on Monday.
BlackRock CEO Larry Fink and Blackstone CEO Stephen Schwarzman are among the latest who have decided not to attend as questions mount over the disappearance and suspected killing of Saudi journalist Jamal Khashoggi, CNBC's Andrew Ross Sorkin reported on Monday, citing sources. At least another half dozen executives are also expected to bow out Monday, the sources said.
Over the weekend, J.P. Morgan Chase CEO Jamie Dimon and Ford Chairman Bill Ford canceled their planned trips to the Future Investment Initiative (FII), also known as "Davos in the Desert," scheduled for Oct. 23 to 25.
Oil prices on Monday were building on modest gains on Friday after taking a beating in the global sell-off on Wednesday and Thursday.