Global Factors influencing ASX stocks on 18 October 2022

On 18 October 2022, at AEDT 12:35 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 93.70 points or 1.41%, and is currently trading at 6,758.10 levels. Out of 11 sectors, 10 sectors are trading higher along with the S&P/ASX 200. The Information Technology and A-REIT sectors are the top 2 gaining sectors, gaining 2.63% and 2.51% 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 gained 3.43%, 3.46%, 1.86% and 2.65%, respectively.
2. UK's new finance minister Jeremy Hunt scrapped Prime Minister Liz Truss's economic plan and scaled back her huge energy support scheme on Monday, making a historic policy U-turn to try to stem a dramatic loss of investor confidence.
3. Gold prices are slightly higher today, hovering around key support levels as the dollar declined from recent highs, while uncertainty over weakening metal demand in China weighed on copper.
4. U.S. Treasury yields on the long end of the curve turned higher on Monday in a flows-driven market, as investor worries eased a bit after new finance minister Jeremy Hunt reversed most of Prime Minister Liz Truss's economic growth plan.
5. The Reserve Bank of Australia expects to raise interest rates further over the coming months. Today, its deputy governor said that the bank could achieve a similar rate rise to its global peers through smaller hikes.
6. Hang Seng is up by 0.0%, and FTSE 100 is up by 0.80%.

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