Business News Updates | 22-10-2023
Here are some of the top business news headlines for October 22, 2023:
- India’s economy to grow at 6.3% in FY24 and FY25, fastest among major economies: IMF
- Amazon Pay introduces EMI on RuPay credit cards to make online shopping convenient and affordable
- Jalan Kalrock Consortium infuses Rs 100 crore in Jet Airways, reafirms commitment to revive grounded carrier
- RBI to announce monetary policy decision on October 22
- Reliance Industries, Axis Bank, TechM, Maruti Suzuki India, BPCL to announce Q2 results this week
- Alcohol served in Maharashtra’s bars, clubs to get expensive from November 1
- India sends nearly 40 tonnes of humanitarian aid to war-torn Gaza
- Cyclone Tej to turn into ‘very severe cyclonic storm’ today: IMD
Other news stories include:
- M-cap of 10 valued firms plunge Rs 1.52 trn; Reliance, TCS biggest laggards
- Favourable mkt conditions push 139 SMEs to mobilise Rs 3,540-cr via IPO
- French intel points to Palestine rocket, not Israeli strike, for Gaza blast
- Rural recovery for FMCG cos takes a pause amid food inflation, uneven rains
- MCD slaps Rs 5 lakh penalty on Godrej Properties’ arm for violating norms
- Finolex Industries Q2 results: Net profit at Rs 97.96 cr, revenue down 6%
- NLC targetting 17 GW capacity by 2030, to invest Rs 82,700 cr: CMD
Financial Market News 22-10-2023
Global Markets
Global markets were mixed on Friday, with European stocks closing lower on concerns over a recession in the region. The STOXX Europe 600 index fell 0.7%, while the German DAX lost 0.9%. US stocks also closed lower, with the S&P 500 index down 0.3% and the Nasdaq Composite index falling 0.4%.
Asian Markets
Asian markets were mostly higher on Friday, with the MSCI Asia ex-Japan index up 0.6%. The Japanese Nikkei 225 index rose 0.5%, and the Chinese CSI 300 index gained 0.8%.
Commodities
Oil prices fell on Friday, with Brent crude down 1.3% to $91.50 per barrel and US West Texas Intermediate (WTI) crude losing 1.4% to $85.20 per barrel. Gold prices also fell, losing 0.5% to $1,670 per ounce.
Currencies
The US dollar was mixed against other major currencies on Friday. The euro rose 0.2% against the dollar to 0.9770, while the British pound fell 0.3% to 1.1230. The Japanese yen rose 0.6% against the dollar to 146.80.
Indian Markets
The Indian stock market was closed on Friday for Diwali. The benchmark Sensex index closed at 63,081.19 on Thursday, up 0.8% for the week. The Nifty 50 index closed at 19,783.90, up 0.7% for the week.
Top News Stories
- Global recession fears weigh on markets: Concerns over a recession in the global economy weighed on markets on Friday. The International Monetary Fund (IMF) has warned that the global economy is facing a “dangerous and uncertain” outlook, and that a recession is a “serious risk.”
- US earnings season kicks off: The US earnings season kicks off on Monday, with JPMorgan Chase and Citigroup set to report their results. Investors will be closely watching earnings reports for any signs of a slowdown in corporate profits.
- Bank of England to raise interest rates: The Bank of England is expected to raise interest rates by 75 basis points on Thursday, in an effort to combat inflation. This would be the largest interest rate hike by the Bank of England in over 30 years.
- India prepares for Diwali: India is preparing for Diwali, the Hindu festival of lights. Diwali is one of the biggest festivals in India, and is celebrated with fireworks, feasting, and gift-giving.