Business News Updates | 01-11-2023
Business news updates for November 1, 2023:
- Fed Holds Rates Steady and Pledges to Proceed Carefully
The Federal Reserve left interest rates at 5.25 to 5.5 percent at its November meeting, but said that it could still raise rates again in the future. The Fed’s decision was widely expected, as the central bank continues to battle high inflation.
- Drought Saps the Panama Canal, Disrupting Global Trade
A severe drought in Panama is causing water levels in the Panama Canal to drop, disrupting global trade. The number of ships that can travel through the canal has fallen sharply this year, raising costs and slowing deliveries.
- Sam Bankman-Fried’s Trial Nears Finish as Closing Arguments Are Made
The trial of Sam Bankman-Fried, the former CEO of the cryptocurrency exchange FTX, is nearing its conclusion. Closing arguments are scheduled to be delivered on November 3, after which the jury will begin deliberations. Bankman-Fried is facing multiple charges of fraud and money laundering.
- Sensex Today LIVE Updates
The Sensex, India’s benchmark stock market index, is trading lower on November 2, following the Fed’s decision to hold rates steady. The index is down 0.5% as of this writing.
- Maruti Suzuki Q2 Results
Maruti Suzuki, India’s largest automaker, reported its second-quarter financial results on November 2. The company’s net profit fell 8.3% year-over-year, but its revenue rose 16%. Maruti Suzuki attributed the decline in profit to higher input costs and supply chain disruptions.
- Mamaearth IPO
The Indian beauty and personal care company Mamaearth is planning to go public in November. The company is seeking to raise ₹2,000 crore ($247 million) in its IPO. Mamaearth is one of the fastest-growing e-commerce companies in India.
Financial market news updates for November 1, 2023:
- U.S. stocks end mixed as investors weigh Fed’s next steps
U.S. stocks ended mixed on November 2, with the Dow Jones Industrial Average and S&P 500 closing lower, while the Nasdaq Composite closed higher. Investors were weighing the latest comments from Federal Reserve officials about the central bank’s next steps in its fight against inflation.
- Treasury yields fall as investors bet on slower Fed rate hikes
Treasury yields fell on November 2, as investors bet that the Federal Reserve may slow the pace of its interest rate hikes in the coming months. The yield on the benchmark 10-year Treasury note fell to 4.25%, down from 4.28% on Tuesday.
- Dollar weakens against major currencies
The US dollar weakened against major currencies on November 2, as the euro and Japanese yen rose. The dollar index, which measures the greenback’s value against a basket of six major currencies, fell 0.5%.
- Oil prices rise on supply concerns
Oil prices rose on November 2, as concerns about a tight supply outlook outweighed demand worries. Brent crude futures rose 1.5% to $97.50 per barrel, while WTI crude futures rose 1.3% to $92.50 per barrel.
- Gold prices rise on weaker dollar and inflation concerns
Gold prices rose on November 2, as the weaker dollar and inflation concerns boosted demand for the safe-haven asset. Spot gold rose 0.5% to $1,665.77 per ounce, while US gold futures rose 0.4% to $1,670.60 per ounce.
Here are some other notable financial market news updates for November 2, 2023:
- Bitcoin and other cryptocurrencies fall as investors await regulatory clarity
Bitcoin and other cryptocurrencies fell on November 2, as investors awaited regulatory clarity from the US Securities and Exchange Commission (SEC). Bitcoin fell 2% to $20,000, while Ethereum fell 3% to $1,500.
- European stocks close lower as recession fears mount
European stocks closed lower on November 2, as recession fears mounted in the region. The STOXX Europe 600 index fell 0.5%, led by declines in energy and mining shares.
- Asian stocks close mixed as investors weigh China’s economic outlook
Asian stocks closed mixed on November 2, as investors weighed China’s economic outlook. The MSCI Asia ex-Japan index closed flat, while the Shanghai Composite Index fell 0.3%.