Global Factors influencing ASX stocks on 08 November 2022

On 08 November 2022, at AEDT 12:35 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 20.80 points or 0.30%, and is currently trading at 6,954.50 levels. Out of 11 sectors, 7 sectors are trading higher along with the S&P/ASX 200. The Financial and Consumer Discretionary sectors are the top 2 gaining sectors, gaining 1.11% and 0.79% 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 0.85%, 1.10%, 1.31%, and 0.96%, respectively.
2. Copper prices fell further today after major importer China reiterated its commitment to COVID-19 lockdowns. In contrast, gold prices held near a one-month high as the dollar retreated on expectations of smaller rate hikes from the Federal Reserve.
3. Australian businesses reported another strong month for sales and profitability in October. However, rising costs and a dip in forward orders took a toll on confidence that could presage a slowdown ahead.
4. Wall Street gained in the previous session as investors focused on Tuesday’s midterm elections that will determine control of Congress, while shares of Meta Platforms jumped on a report of job cuts at the Facebook parent.
5. Hang Seng is up by 2.69%, and FTSE 100 is down by 0.48%.

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