Global Factors influencing ASX stocks on 11 October 2022

On 11 October 2022, at AEDT 12:40 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 30.80 points or 0.46%, and is currently trading at 6,698.60 levels. Out of 11 sectors, 7 sectors are trading higher along with the S&P/ASX 200. The Materials and Telecommunication Services sectors are the top gainers with 1.25% and 0.60% gain 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 its previous session. NASDAQ Composite, NASDAQ-100, Dow industrial, and S&P 500 slipped 1.04%, 1.02%, 0.32% and 0.75%, respectively.
2. Oil prices are declining today as a stronger U.S. dollar and an increase in COVID-19 cases in China increased fears of slowing global demand.
3. Russia launched a barrage of missile attacks against Ukrainian cities, including the capital Kyiv, in response to the attack on the Kerch Strait Bridge over the weekend.
4. The Westpac Melbourne Institute Index of Consumer Sentiment fell 0.9% to 83.7 in October from 84.4 in September, as an increased cost of living, laggard wage growth, and rising interest rates dented the country’s economic outlook.
5. The Bank of England wanted to ease concerns about this week's expiry of its program intended to cool the turmoil in the government bond market, announcing new safety-net measures comprising a doubling of the maximum size of its debt buy-backs.
6. Hang Seng is down by 2.95%, and FTSE 100 is down by 0.45%.

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