Business News Updates | 03-11-2023
Business news updates for November 3, 2023:
- Indian stock markets end higher on strong buying by foreign investors. The BSE Sensex rose by 141.58 points, or 0.24%, to close at 59,988.09. The Nifty 50 index gained 51 points, or 0.29%, to close at 17,775.05. The rise in markets was attributed to strong buying by foreign investors, who bought a net of Rs 1,000 crore worth of Indian equities.
- Rupee rises against US dollar. The rupee rose by 0.26% against the US dollar to close at 83.02 per dollar. The rise in the rupee was attributed to selling of dollars by foreign investors.
- Oil prices end higher on supply concerns. Brent crude oil prices rose by 1.5% to close at $95.22 per barrel. US crude oil prices rose by 1.3% to close at $88.38 per barrel. The rise in oil prices was attributed to concerns about supply disruptions due to the ongoing war in Ukraine.
- Gold and silver prices see a slight decline. The price of gold fell by Rs 110 per gram to Rs 61,680 per gram. The price of silver fell by Rs 520 per kg to Rs 70,650 per kg. The decline in prices was attributed to profit-booking after recent gains.
Other notable business news updates from November 3, 2023 include:
- Reliance Industries to acquire a 20% stake in Jio Cinema for Rs 10,000 crore.
- Tata Group to launch a new airline in India in 2024.
- Google to invest Rs 5,000 crore in India to build a new data center.
- Amazon to invest Rs 2,000 crore in India to expand its logistics network.
- Flipkart to invest Rs 1,000 crore in India to launch a new e-commerce platform for fashion and lifestyle products.
Financial market news updates for November 3, 2023:
- US stock markets close higher on strong earnings reports. The Dow Jones Industrial Average rose by 1.2% to close at 36,451.78. The S&P 500 gained 1.1% to close at 4,389.11. The Nasdaq Composite added 1.0% to close at 13,609.81. The rise in markets was attributed to strong earnings reports from several major companies, including Alphabet, Amazon, and Microsoft.
- European stock markets close higher on positive economic data. The FTSE 100 index rose by 0.8%. The CAC 40 index gained 0.7%. The DAX index added 0.6%. The rise in European markets was attributed to positive economic data, including a report that showed that the eurozone economy grew by 0.2% in the third quarter of 2023.
- Asian stock markets close higher on tracking Wall Street. The Nikkei 225 index rose by 1.0%. The Hang Seng index gained 1.5%. The Shanghai Composite index added 1.2%. The rise in Asian markets was attributed to tracking Wall Street, which closed higher on strong earnings reports.
- Oil prices end higher on supply concerns. Brent crude oil prices rose by 1.5% to close at $96.72 per barrel. US crude oil prices rose by 1.3% to close at $89.96 per barrel. The rise in oil prices was attributed to concerns about supply disruptions due to the ongoing war in Ukraine and the upcoming OPEC+ meeting.
- Gold and silver prices see a slight decline. The price of gold fell by Rs 110 per gram to Rs 61,570 per gram. The price of silver fell by Rs 520 per kg to Rs 70,130 per kg. The decline in prices was attributed to profit-booking after recent gains.
Other notable financial market news updates from November 3, 2023 include:
- US Treasury yields fall on expectations of a slower pace of Fed rate hikes. The yield on the 10-year US Treasury note fell by 5 basis points to 4.70%. The fall in yields was attributed to expectations that the US Federal Reserve will slow the pace of its interest rate hikes in order to avoid a recession.
- European bond yields fall on positive economic data. The yield on the 10-year German Bund fell by 3 basis points to 2.30%. The yield on the 10-year French OAT fell by 4 basis points to 2.50%. The fall in European bond yields was attributed to positive economic data, which showed that the eurozone economy grew by 0.2% in the third quarter of 2023.
- Asian bond yields rise on tracking US Treasuries. The yield on the 10-year Japanese government bond rose by 2 basis points to 0.50%. The yield on the 10-year Chinese government bond rose by 3 basis points to 2.80%. The rise in Asian bond yields was attributed to tracking US Treasuries, which rose slightly on expectations of a slower pace of Fed rate hikes.