Global Factors influencing ASX stocks on 10 November 2022

On 10 November 2022, at AEDT 12:35 PM, the benchmark index S&P/ASX 200 is trading lower today, declining 15.10 points or 0.22%, and is currently trading at 6,984.20 levels. Out of 11 sectors, 7 sectors are trading lower along with the S&P/ASX 200. The Energy and Materials sectors are the top 2 declining sectors, declining 2.06% and 1.41% 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 lower in their previous session. NASDAQ Composite, NASDAQ-100, Dow industrial, and S&P 500 declined 2.48%, 2.37%, 1.95%, and 2.08%, respectively.
2. Meta Platforms Inc announced on Wednesday that it would cut more than 11,000 jobs, or 13% of its workforce, as the Facebook parent doubled down on its risky metaverse bet amid a crumbling advertising market and decades-high inflation.
3. The United States and Ukraine announced yesterday that they will launch negotiations to upgrade a bilateral 2008 trade and investment accord to support Ukraine’s efforts to establish a more transparent and predictable business environment.
4. Gold prices trimmed recent gains today but remained near a one-month high amid uncertainty over the U.S. midterm elections and as markets awaited key inflation data from the country later in the day.
5. Russian Defence Minister Sergei Shoigu ordered his troops to withdraw from the west bank of the Dnipro River near the strategic southern Ukrainian city of Kherson in a major setback for Moscow and the possible turning point in the war.
6. Hang Seng is down by 1.20%, and FTSE 100 is down by 0.14%.

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