Global Factors influencing ASX stocks on 05 December 2022

On 05 December 2022, at AEDT 12:50 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 35.20 points or 0.48%, and is currently trading at 7,336.70 levels. Out of 11 sectors, 8 sectors are trading higher despite the gain in the S&P/ASX 200. The Materials and Energy are top 2 gaining sectors, higher by 1.82% and 0.92% in their index values.

Also read-: Mid-Market: S&P/ASX 200 Trading Higher By 0.27%; Lifted By Materials And A-REIT Sectors

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 and some ended lower in their previous session. NASDAQ Composite ended lower by 0.18%, NASDAQ-100 ended lower by 0.40%, Dow industrial ended higher by 0.10%, and S&P 500 ended lower by 0.12%, respectively.
2. Oil prices are gaining, following the European Union price cap on Russian oil and OPEC+ nation holding their oil cut targets.
3. Gold prices are gaining today despite stronger-than-anticipated U.S. jobs data representing more potential interest rate hikes, while copper prices rose as more Chinese cities relaxed COVID-19 restrictions, raising hopes for a full reopening.
4. The G7 price cap on Russian seaborne oil came into power today as the West tries to limit Moscow's ability to finance its war in Ukraine, but Russia has stated that it will not abide by the measure even if it has to cut production.
5. Japan’s services purchasing managers’ index (PMI) dropped to 50.3 from 53.2, hitting the slowest pace in the last three months.
6. South Korea’s foreign reserves rose by $2.09 billion from $414.01 billion to $416.10 at the end of November, for the first time in the last four months.
7. Hang Seng is up by 2.93%, and FTSE 100 is down by 0.03%.

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