Global Factors influencing ASX stocks on 10 October 2022

At AEDT 11:22 AM on 10 October 2022, ASX 200 is down, dropping 1.36% to 6,670.60. All the 11 sectors on ASX are trading in the red zone along with the benchmark index. The information technology sector and A-REIT are the top losers with 2.78% and 2.21% drop in their index values respectively. The broad sell-off on ASX dragged the sectors lower today

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

1. Key US indices ended lower in its previous session. NASDAQ Composite, NASDAQ-100, Dow industrial S&P 500 and Russell 2000 slipped 3.80%, 3.88%, 2.11%, 2.80% and 2.87%, respectively.
2. The U.S. dollar strengthened against major currencies on Friday after U.S. data showing employers hired more workers than anticipated in September, suggesting the Federal Reserve will probably adhere its tightening policy for now.
3. China’s service activity in September 2022 contracted for the first time in 4 months. The COVID-19 restrictions impacted already weak demand and lowered business confidence.
4.  Oil prices remains in spotlight as OPEC and allies plans to lower their output target by 2 million per day.
5. Oil prices slipped from 1-month high as weak Chinese data is raising demand concerns.
6. Gold is below the key levels after subsequent the strong US job data from the US.
7. Euro dropped below US$0.98. Currently 1 USD = 0.97 Euro.
8. The Hang Seng is down -1.51%, and the FTSE 100 is down -0.09% today.

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