Global Factors influencing ASX stocks on 07 October 2022

At AEDT 12:20 on 07 October 2022, most ASX indices along with the benchmark index ASX 200 are trading lower. At this time, ASX 200 is down 0.59% to 6,777.40. Out of 11 sectors, 10 are in the red zone. However, energy sector is trading in the green territory with 1.09% growth in the index value.

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

1. US is now looking for alternatives after OPEC+ nations announced to cut oil output. US is looking for alternative means to control rising prices.
2. EU leaders will lock horns on Friday over whether and how to cap gas prices, as they attempt to control a rise in energy prices that threatens to push the 27-nation bloc into recession and disrupt the EU's cherished single market.
3. Key US indices ended lower in its previous session. NASDAQ Composite, NASDAQ-100, Dow industrial S&P 500 and Russell 2000 slipped 0.68%, 0.76%, 1.15%, 1.02% and 0.58%, respectively.
4. Gold prices gained a little on Friday as dollar eases. Bullion prices benefitted as dollar retreated further from a 20-year high this week.
5. New Federal Reserve Governor Lisa Cook on Thursday said that U.S. inflation remains stubbornly and unacceptably high. The data over the past couple of months show that inflationary pressures remain broad-based. Thus, requiring further policy tightening to be sure it begins falling.
6.  The Hang Seng is down -0.42%, and the FTSE 100 is down -0.78% today.

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