Business in the Week Ahead (November 20-24, 2023)

Here’s a list of important data points that will be released next week.

Benchmark indices were cheered by stable fiscal year 2023-24 earnings reported by Nifty 50 companies. Recent data points showing signs of slowing inflation brought much needed relief to global markets. Domestic markets surged, following a rally on Wall Street after an encouraging US inflation report.

UK inflation data shows a sharper slowdown in October, thanks to a retreat in energy prices. US consumer prices for October remained unchanged from the previous month.

It is the latest sign that inflation is slowing down. It has also renewed hopes that the US Federal Reserve will not raise interest rates further.

In IPO news, Indian Renewable Energy Development Agency Limited (IREDA) issue will open on November 21. IREDA shares are being priced at Rs 30 - Rs 32 and the subscription closes on November 23.

Subscription period for Tata Technologies Limited, Fedbank Financial Services Limited, Flair Writing and Gandhar Oil Refinery India Limited opens on November 22 and closes on November 24.

Shares of Tata Technologies are priced between Rs 475 - Rs 500, Fedbank Financial Services has set the share price at Rs 133 - Rs 140, Flair Writing shares will cost between Rs 288 - Rs 304 and Gandhar Oil Refinery is seeking Rs 160 - Rs 169 per equity share. Subscription for these four IPOs close on November 24.

Here’s a list of important data points that will be released next week.

Monday (November 20)China Loan Prime Rate: The People's Bank of China has held lending rates steady for October, the November data is to be announced.

Tuesday (November 21)

IPO: Indian Renewable Energy Development Agency Limited subscription opens

UK Labour Productivity: Labour productivity in the United Kingdom rose by 0.7% in the second quarter of 2023, matching the preliminary estimate and following a downwardly revised 1.2% fall in the previous period. A preliminary reading for the third quarter will be announced.

Wednesday (November 22)

IPO: Tata Technologies Limited, Gandhar Oil Refinery India Limited, Fedbank Financial Services Limited, Flair Writing subscription opens

Euro Area Consumer Confidence: The consumer confidence indicator in the Euro Area was confirmed at -17.9 in October dropping from -17.8 in the previous period. The flash reading for the month of November will be declared on this day.US Initial Jobless Claims: The number of Americans filing for unemployment benefits eased by 3,000 to 217,000 on the week ending November 4 from last week’s 220,000. The data for week ending November 11 is awaited.

Thursday (November 23)

Euro Area Manufacturing PMI: The Eurozone Manufacturing PMI slipped to 43.1 in October from 43.4 in September and compared with a preliminary estimate of 43. The flash reading for November is awaited.Euro Area Composite, Services PMI: The Eurozone Composite PMI in October was down to 46.5 from September's reading of 47.2. While the Eurozone Services PMI slipped in October to 47.8 from previous month's 48.7. The flash reading for November will be declared.

Friday (November 24)India's Foreign Exchange Reserves: Foreign Exchange Reserves in India increased to $ 590.78 billion in November 3 from $586.11 billion in the previous week. The figures for week ending November 10 is to be released.

US Manufacturing PMI: The S&P Global US Manufacturing PMI final reading for October was 50.0 improving slightly from 49.8 in September indicating a stabilising of the manufacturing sector. The flash reading for the month of November is to be announced.