Here’s an overview of the financial news on November 4th, 2023:
Stocks Rally as Markets Brace for Inflation Report
U.S. stocks rallied on Friday, November 4th, 2023, as markets braced for the release of the latest inflation report. The S&P 500 index rose 0.8%, the Dow Jones Industrial Average gained 0.7%, and the Nasdaq Composite climbed 0.9%. The gains came as investors hoped that the October inflation report would show that price pressures are starting to ease. The report is due out on Tuesday, November 8th, 2023.
Oil Prices Rise on Supply Concerns
Oil prices rose on Friday, November 4th, 2023, as supply concerns outweighed worries about a global economic slowdown. Brent crude oil rose 1.0% to settle at $95.38 per barrel, its highest level since July 5th, 2023. West Texas Intermediate (WTI) crude oil rose 0.8% to settle at $91.43 per barrel, its highest level since June 14th, 2023. The gains came as concerns about supply disruptions in the Middle East and Africa outweighed worries about a global economic slowdown.
European Union Leaders Agree on Gas Price Cap
European Union leaders agreed on Friday, November 4th, 2023, to cap natural gas prices in a bid to protect businesses and consumers from soaring energy costs. The agreement is still subject to negotiation, but it is a major breakthrough in efforts to address the energy crisis in Europe. The plan would set a maximum price for natural gas imports, which would be paid by a solidarity fund. The fund would be financed by contributions from all EU member states.
Chinese E-commerce Giant Alibaba Reports Strong Revenue Growth
Chinese e-commerce giant Alibaba reported on Friday, November 4th, 2023, that its revenue grew 34% in the third quarter, as the company continues to benefit from strong consumer demand in China. Revenue rose to 248 billion yuan ($37.4 billion) in the three months ended September 30th, 2023, up from 182 billion yuan in the same period a year ago. Analysts had expected revenue to grow 29%.
Elon Musk’s Tesla Reports Record Profit
Elon Musk’s Tesla reported on Friday, November 4th, 2023, that its profit in the third quarter of 2023 more than doubled to $3.3 billion, as the electric vehicle maker continues to ramp up production and expand its product lineup. Revenue rose 56% to $24.3 billion, beating Wall Street expectations. Analysts had expected revenue of $23.5 billion.
In addition to these top stories, here are some other business news headlines from November 4th, 2023:
- US consumer confidence rises to highest level since November 2021
- US trade deficit narrows to $83.7 billion in September
- UK economy grows at fastest pace in three years
- Japan’s economy grows at fastest pace in two years
- German industrial orders rise unexpectedly in September
- Australian economy grows at solid pace in third quarter
- Indian economy grows at 6.3% in third quarter
- Brazil’s economy grows at 0.7% in third quarter
- Mexican economy grows at 0.2% in third quarter
- Argentina’s economy contracts 0.3% in third quarter