Business News Updates | 28-10-2023

Business News Headlines for October 28, 2023

• US economic data soothes investor nerves: The US economy grew at an annual rate of 2.6% in the third quarter of 2023, beating expectations and providing some relief to investors who have been worried about a recession. The data also showed that inflation cooled slightly in the quarter, from 8.2% to 8.1%.
• Indian stock market falls sharply: The Indian stock market fell sharply on October 28, 2023, with the benchmark Sensex index losing over 2% and the Nifty 50 index losing over 1.5%. The fall was attributed to a number of factors, including profit-booking by investors, concerns about rising interest rates, and the ongoing conflict between Israel and Palestine.
• Rupee hits new record low against US dollar: The Indian rupee hit a new record low against the US dollar on October 28, 2023, falling below 83 rupees to the dollar for the first time. The rupee’s weakness has been exacerbated by a number of factors, including the strong US dollar, rising inflation in India, and the ongoing conflict between Russia and Ukraine.
• Oil prices rise on supply concerns: Oil prices rose on October 28, 2023, on concerns over supply disruptions. The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, agreed to cut production by 2 million barrels per day from November 2023. The cuts are expected to tighten global oil markets and support prices.
• Gold prices fall on rising US yields: Gold prices fell on October 28, 2023, as US Treasury yields rose. Gold is often seen as a hedge against inflation, but rising interest rates make it less attractive to investors.

Other business news headlines for October 28, 2023 include:

• Twitter to launch new subscription service: Twitter is planning to launch a new subscription service that will offer users exclusive features, such as the ability to edit tweets and undo sends. The service is expected to be launched in early 2024.
• Meta to announce new VR headset: Meta is expected to announce a new VR headset at its Connect conference on October 28, 2023. The new headset is rumored to be more powerful and comfortable than its predecessor, the Oculus Quest 2.
• Apple to release new MacBook Pros: Apple is expected to release new MacBook Pros in early November 2023. The new laptops are rumored to feature the latest M2 Pro and M2 Max chips, as well as new designs.
• Amazon to open new stores in India: Amazon is planning to open new stores in India, including its first physical store in the country. The new stores are expected to be similar to Amazon’s Whole Foods Market stores in the United States.