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Financial Market News 22-10-2023
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 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%.
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.
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.
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.