Business news updates for November 17, 2023:
U.S. Treasury Yields Rise on Inflation Concerns
U.S. Treasury yields rose on November 17, 2023, as investors grew concerned about a possible resurgence of inflation. The yield on the 10-year Treasury note rose to 4.77% from 4.73% on Wednesday. The move higher in yields came as investors digested a report from the Federal Reserve that showed consumer prices rose 0.4% in October, slightly above expectations.
European Stocks Mixed as Investors Await ECB Meeting
European stock markets were mixed on November 17, 2023, as investors awaited the European Central Bank’s (ECB) latest monetary policy decision. The pan-European STOXX 600 index fell 0.1%, while Germany’s DAX rose 0.2% and France’s CAC 40 gained 0.1%. Investors are cautious ahead of the ECB meeting, which is expected to result in a 0.50% interest rate hike.
Asian Stocks Fall as Investors Weigh Inflation Concerns
Asian stock markets fell on November 17, 2023, as investors weighed inflation concerns with hopes for a recovery in China’s economy. Japan’s Nikkei 225 index fell 0.5%, while China’s Shanghai Composite Index dropped 0.2%.
Oil Prices Fall as Recession Fears Ease
Oil prices fell on November 17, 2023, as concerns about a global recession eased. Brent crude futures fell 1.5% to settle at $92.50 per barrel, while West Texas Intermediate (WTI) crude futures dropped 1.4% to end at $83.80 per barrel.
Gold Prices Fall as Investors Seek Riskier Assets
Gold prices fell on November 17, 2023, as investors shifted their focus to riskier assets following the positive inflation data. Gold futures for December delivery settled $9.80 lower, or 0.6%, at $1,726.20 an ounce.
Meta, Apple, and Alphabet to Face New Financial Regulations in the US: The Consumer Financial Protection Bureau (CFPB) has proposed a new rule that would bring large tech companies that offer digital wallets and payment apps under its supervision.
Nvidia Updates H100 AI Processor: Nvidia has announced significant updates to its H100 AI processor, adding new capabilities that are expected to further solidify the company’s dominance in the AI computing market.
Boeing Secures Orders at Dubai Airshow: Boeing has opened the Dubai Airshow with a flurry of orders, including a $52 billion commitment from Emirates Airline for widebody aircraft.
Tyson Foods Writes Down Beef Investments: Tyson Foods has written down the value of its investments in beef, citing a challenging economic backdrop, tighter cattle supplies, and higher costs.
HP Inc. Shares Rise on Optimistic Outlook: HP Inc. shares have risen after the company issued an optimistic outlook for the rest of the year. The company expects to see strong demand for its personal computers and printers, particularly in the consumer and education markets.