Global Factors influencing ASX stocks on 02 November 2022

On 02 November 2022, at AEDT 12:40 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 20.50 points or 0.29%, and is currently trading at 6,997.40 levels. Out of 11 sectors, 7 sectors are trading lower despite the gain in the S&P/ASX 200. The Energy and Materials sectors are the top 2 gaining sectors, gaining 2.10% and 1.45% in their index values.

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

1. Key U.S. indices ended lower in their previous session. NASDAQ Composite, NASDAQ-100, Dow industrial, and S&P 500 declined 0.89%, 1.02%, 0.24%, and 0.41%, respectively.
2. Gold prices are gaining today as the dollar steadied before the conclusion of a Federal Reserve meeting. In contrast, copper prices were lifted by speculation over China potentially relaxing its strict zero-COVID policy. 
3. Oil prices rose today after industry data showed a surprise drop in U.S. crude stockpiles, suggesting demand is holding up despite steep interest rate hikes dampening global growth.
4. A jump in U.S. monthly job openings has frightened the Federal Reserve another confusing bit of data for its policy meeting this week, with more evidence that rapid interest rate increases have yet to bite hard in the real economy.
5. Wall Street stocks fell in the previous session. At the same time, Treasury yields declined as investors speculated whether the U.S. Federal Reserve might hint at a slower pace of policy tightening this week.
6. Hang Seng is up by 5.23%, and FTSE 100 is up by 1.29%.

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