Global Factors influencing ASX stocks on 01 November 2023

On 01 November 2023, at AEDT 12:30 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 18.80 points or 0.28%, and is currently trading at 6,799.50 levels. Out of 11 sectors, 8 are trading higher along with the S&P/ASX 200. The A-REIT and Materials sectors were the top 2 gaining sectors, up by 0.74% and 0.69% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Higher By 0.28%; Mirroring US Markets Gains

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

1. Some of the key U.S. indices ended higher in their previous session. NASDAQ Composite, NASDAQ-100, Dow jones, and S&P 500 ended higher by 0.48%, 0.52%, 0.38%, and 0.65% respectively.

2. US crude inventories likely increased by up to 1.3 million barrels last week, leading to another buildup at the storage hub associated with oil contracts on the New York Mercantile Exchange, as reported by the American Petroleum Institute (API) on Tuesday. The API's weekly inventory report also revealed declines in gasoline stocks, the primary US motor fuel, and distillates, a key ingredient for diesel and heating fuel production.

3. On the last trading day of October, the Dow Jones closed higher despite a series of corporate earnings reports. However, stocks experienced their third consecutive loss for the first time since March 2020. Wolfspeed Inc surged by 22%, positively impacting the overall chip sector due to its better-than-expected quarterly results. Yet, some investors on Wall Street remain cautious, awaiting more information about the performance of its Mohawk Valley chip-making factory, which was established last year.

4. In October, South Korea's exports marked their first annual increase in 13 months, according to trade data released on Wednesday. The figures, slightly below market expectations, revealed a 5.1% year-on-year growth in overseas sales for the nation, reaching AU$55.09 billion. This performance fell just short of the median 5.5% gain anticipated in a Reuters survey of economists.

5. The Hang Seng and FTSE 100 is down by 1.69% and 0.08%.

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