Global Factors influencing ASX stocks on 17 October 2022

On 17 October 2022, at AEDT 12:35 PM, the benchmark index S&P/ASX 200 is trading lower today, declining 100.40 points or 1.49%, and is currently trading at 6,658.40 levels. All 11 sectors are trading lower along with the S&P/ASX 200. The Materials and Energy sectors are the top 2 losing sectors, declining 2.80% and 2.56% 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 3.08%, 3.10%, 1.34% and 2.37%, respectively.
2. Oil prices are slightly higher today as the U.S. dollar's strength eased while investors awaited data from China to gauge demand at the world's top crude oil importer.
3. Gold prices are a bit higher today but were pinned below their key support levels as markets feared more interest rate hikes by the Federal Reserve. At the same time, copper markets waited for quarterly production figures from some of the biggest miners in the world, due later this week.
4. Intense fighting between Russian and Ukrainian forces was taking place around two towns in the Donetsk region of eastern Ukraine, Bakhmut and Soledar.
5. OPEC+ member states lined up on Sunday to validate the sharp production cut decided this month after the White House, stepping up a war of words with Saudi Arabia, accused Riyadh of coercing some other nations into supporting the move.
6. Hang Seng is up by 1.21%, and FTSE 100 is up by 0.12%.

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