UAE Non-Oil Private Sector Growth Improves
ABU DHABI, Nov 5 - The United Arab Emirates (UAE) reported an increase in non-oil private sector activity for October, with the S&P Global UAE Purchasing Managers' Index rising to 54.1 from 53.8 in September. This marks a significant rebound in output growth, attributed to higher sales, despite new order growth softening to its lowest level since February 2023. Business confidence in the UAE improved, although job creation reached a 30-month low.
Indian Rupee Holds Steady Amid Central Bank Intervention
MUMBAI, Nov 5 - The Indian rupee remained stable at 84.1150 against the dollar, just above its record low. The Reserve Bank of India is believed to have intervened to support the currency amidst significant foreign equity outflows, totaling approximately $1 billion in November. Market uncertainty surrounding the U.S. elections further complicates the economic landscape.
Chinese Corporate Earnings Show Mixed Results
BEIJING, Nov 5 - Chinese companies reported a 3.7% increase in profits for the third quarter, following two quarters of decline. This growth was primarily driven by financial sector gains due to a recent stock market rally. However, profits outside the financial sector continued to decline, indicating underlying economic challenges.