Global Factors influencing ASX stocks on 14 October 2022

On 14 October 2022, at AEDT 12:35 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 104.40 points or 1.57%, and is currently trading at 6,747.00 levels. All 11 sectors are trading higher along with the gain in the S&P/ASX 200. The Energy and Consumer Staples sectors are the top 2 gaining sectors, gaining 3.41% and 2.16% 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 slipped 2.23%, 2.30%, 2.83% and 2.60%, respectively.
2. Oil prices are sliding today after U.S. crude, and gasoline inventories soared, while Saudi Arabia and Washington continued to clash over plans by OPEC+ to decrease production.
3. Gold prices are also falling today and heading towards closing the week lower amid fears of more interest rate hikes by the Federal Reserve.
4. The Federal Reserve is planning for another large interest-rate hike in three weeks, lifting rates to 4.75%-5% by early next year.
5. U.S consumer prices increased more than projected in September, and underlying inflation pressures continued to build up, growing expectations that the Federal Reserve will raise the interest rate by 75 basis points next month.
6. Hang Seng is down by 1.87%, and FTSE 100 is up by 0.35%.

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