Global Factors influencing ASX stocks on 19 October 2022

On 19 October 2022, at AEDT 12:37 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 30.60 points or 0.45%, and is currently trading at 6,809.80 levels. Out of 11 sectors, 9 sectors are trading higher along with the S&P/ASX 200. The Utilities and Consumer Staples sectors are the top 2 gaining sectors, gaining 1.71% and 1.09% 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 0.90%, 0.77%, 1.12% and 1.14%, respectively.
2. U.S. President Joe Biden on Tuesday confirmed plans to release 15 million barrels of oil from the Strategic Petroleum Reserve and also announced that the government plans to start refilling the reserve only when crude prices decline significantly from current levels.
3. Gold prices are slightly gaining, extending mild gains into a third session as pressure from the dollar decreased, although hawkish signals from Federal Reserve officials limited further gain.
4. Minneapolis Federal Reserve Bank President Neel Kashkari announced on Tuesday that Federal Reserve might need to push its benchmark policy rate above 4.75% if underlying inflation does not stop rising.
5. Hang Seng is up by 0.15%, and FTSE 100 is up by 0.90%.

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