Business News Updates | 05-11-2023

Business news headlines for November 5, 2023:

Westpac New Zealand’s full-year profit falls 18% Westpac New Zealand’s full-year profit fell 18% to $1.2 billion, as it felt the effects of rising interest rates, high inflation, higher costs, and bad debts.
Nifty 50 has its 100-Day Moving Average in sight The Nifty 50 index has its 100-day moving average in sight after a two-day surge. The index closed above the 19,200 mark for the first time since October 23.
South Korea to ban short-selling of stocks until June 2024 South Korea’s Financial Supervisory Service has announced a ban on short-selling of stocks until June 2024 in an effort to stabilize the stock market.
Big Tech’s growth status in doubt with weaker sales outlook Big Tech companies are facing weaker sales outlooks as a result of the global economic slowdown. This has raised concerns about the companies’ growth prospects.
Cello World IPO shares to list on Monday The shares of Cello World, a manufacturer of household products, will list on the Bombay Stock Exchange and the National Stock Exchange on Monday. The IPO was oversubscribed by 1.34 times.

Financial market news for November 5, 2023:

Global Markets:

Global stocks rose on Monday, led by gains in tech shares, as investors cheered easing inflation worries and awaited key U.S. economic data. The S&P 500 index rose 0.9%, the Dow Jones Industrial Average gained 0.6%, and the Nasdaq Composite jumped 1.4%.
European stocks also advanced, with the STOXX Europe 600 index up 0.4%.
Asian stocks closed mixed, with Japan’s Nikkei 225 index falling 1.1% but South Korea’s KOSPI index rising 0.3%.

U.S. Markets:

The U.S. dollar rose against major currencies, with the euro falling 0.3% to $1.0340 and the yen dropping 0.1% to 136.35 per dollar.
U.S. Treasury yields fell, with the benchmark 10-year yield down 3 basis points to 3.78%.
Gold prices edged lower, with spot gold down 0.2% to $1,716.60 per ounce.

Company News:

Westpac New Zealand’s full-year profit fell 18% to $1.2 billion, as it felt the effects of rising interest rates, high inflation, higher costs, and bad debts.
Cello World, a manufacturer of household products, will list its shares on the Bombay Stock Exchange and the National Stock Exchange on Monday. The IPO was oversubscribed by 1.34 times.

Economic News:

The U.S. trade deficit narrowed to $75.4 billion in September from $87.1 billion in August, according to the Commerce Department. The smaller deficit was due to a decline in imports, while exports remained relatively steady.
The U.S. Institute for Supply Management (ISM) said its non-manufacturing index rose to 56.8 in October from 56.3 in September, beating expectations for a decline to 56.0. The index, which measures activity in the services sector, is now at its highest level since March 2022.

Other News:

The Financial Supervisory Service of South Korea has announced a ban on short-selling of stocks until June 2024 in an effort to stabilize the stock market.
The Confederation of Indian Industry (CII) has found that business sentiment has improved across all sectors of the economy.