Global Factors influencing ASX stocks on 17 November 2022

On 17 November 2022, at AEDT 12:35 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 23.80 points or 0.33%, and is currently trading at 7,146.00 levels. Out of 11 sectors, 9 sectors are trading higher along with the S&P/ASX 200. The Telecommunication Services and Utilities sectors are the top 2 gaining sectors, gaining 1.16% and 0.92% 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 1.54%, 1.45%, 0.12%, and 0.83%, respectively.
2. The U.S. dollar gained today as strong U.S. retail data cast doubt on market bets that inflation is in retreat and U.S. interest rates need not rise too much further.
3. Australia's jobless rate matched five-decade lows in October as employment scaled by double market forecasts, a sign it will take further increases in interest rates to loosen the drum-tight labour market.
4. Wall Street ended lower in the previous session as a grim outlook from target drove fresh concerns about retailers heading into the crucial holiday season, while semiconductor shares declined after Micron's supply cut.
5. Japan's imports increased by more than half in October from a year earlier, dwarfing exports and providing another trade deficit, which has weighed heavily on the yen and added upward pressure to costs of living and doing business.
6. Hang Seng is down by 0.47%, and FTSE 100 is down by 0.25%.

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