Global Factors influencing ASX stocks on 07 November 2022

On 07 November 2022, at AEDT 12:25 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 22.60 points or 0.33%, and is currently trading at 6,915.10 levels. Out of 11 sectors, 7 sectors are trading lower despite the gain in the S&P/ASX 200. The Materials and Energy sectors are the top 2 gaining sectors, gaining 2.97% and 1.12% 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 higher in their previous session. NASDAQ Composite, NASDAQ-100, Dow industrial, and S&P 500 gained 1.28%, 1.56%, 1.26%, and 1.36%, respectively.
2. U.S. stock futures dropped in Asia today after Beijing denied it was considering easing its zero COVID-19 policy, helping the dollar recover some losses while dealing a setback to oil and commodities.
3. Gold and copper prices fell on today, reversing some steep gains from the previous session as China’s recommitment to its zero-COVID policy ramped up concerns over slowing economic growth and boosted the dollar. 
4. Oil prices fell more than 2% today after Chinese officials on the weekend repeated their commitment to a strict COVID containment approach, dashing hopes of an oil demand rebound at the world's top crude importer.
5. Ukraine's President Volodymyr Zelenskiy on Sunday warned of more potential Russian attacks on his country's energy infrastructure, as officials advised residents in the capital Kyiv to consider making plans to leave as ongoing strikes threaten the power supply
6. Hang Seng is up by 5.36%, and FTSE 100 is up by 2.03%.

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