Global Factors influencing ASX stocks on 01 December 2022

On 01 December 2022, at AEDT 12:56 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 70.20 points or 0.96%, and is currently trading at 7,354.40 levels. Out of 11 sectors, 8 sectors are trading higher along with the S&P/ASX 200. The Material and Utilities top 2 gaining sectors, higher 2.64% and 1.31% in their index values.

Also read-: Mid-Market: S&P/ASX 200 Trading Higher By 0.84%; Taking Direction From Wall Street

On that note, let us look at a few global reasons impacting the stock market today:

1. The key U.S. indices ended higher in their previous session. NASDAQ Composite ended higher by 4.41%, NASDAQ-100 ended higher by 4.58%, Dow industrial closed higher by 2.18%, and S&P 500 ended higher by 3.09%, respectively.
2. Oil prices rose 3%, showing a straight recovery since the start of this week, amid the US Energy information administration reported a drop of 12.58 million barrels for the week ended Nov. 25. 
3. South Korea's purchasing Managers Index (PMI) rose to 49.0 from 48.2 in October, after a drop for five straight months.
4. The dollar index has dropped by 0.99% to 105.78 from the 20- year high of 114.78 amid the Federal Reserve chairman Mr. Powell said the central bank could reduce the pace of its interest rate hike.
5. Japan capital spending ramps by 9.8% in the third quarter, showing the fastest growth in the last four years.
6. Hang Seng is up by 3.40%, and FTSE 100 is up by 0.81%.

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