Global Factors influencing ASX stocks on 09 November 2022

On 09 November 2022, at AEDT 12:35 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 39.90 points or 0.57%, and is currently trading at 6,998.80 levels. Out of 11 sectors, 9 sectors are trading higher along with the S&P/ASX 200. The Materials and A-REIT sectors are the top 2 gaining sectors, gaining 2.35% and 1.44% 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 0.49%, 0.75%, 1.02%, and 0.56%, respectively.
2. Oil prices tumbled 3% today despite a weaker dollar as Chinese cities widened their Covid lockdowns and as players on crude futures markets tried to limit exposure ahead of weekly U.S. inventory data due on Wednesday.
3. Gold prices jumped to a one-month high today, benefiting from resurgent safe-haven demand and a weakening dollar as investors awaited the results of the U.S. midterm elections, with broader metal prices also gaining.
4. Wall Street closed higher in the previous session during voting in midterm elections that will determine control of the U.S. Congress, with investors betting on a political stalemate that could prevent major policy changes.
5. Hang Seng is down by 0.23%, and FTSE 100 is down by 0.08%.

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