Global Factors influencing ASX stocks on 26 October 2022

On 26 October 2022, at AEDT 12:30 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 13.40 points or 0.20%, and is currently trading at 6,812.00 levels. Out of 11 sectors, 8 sectors are trading higher along with the S&P/ASX 200. The A-REIT and Utilities sectors are the top 2 gaining sectors, gaining 1.78% and 0.62% 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 by 2.25%, 2.10%, 1.07% and 1.63%, respectively.

2. Gold prices hovered near key support levels today, while copper prices fell further as concerns over China and weak economic data soured the demand outlook for the industrial metal.

3. Australian inflation increased more than anticipated in the September quarter, hitting a 32-year high and likely inviting more interest rate hikes by the Reserve Bank to control rising price pressures.

4. Rishi Sunak became Britain's third prime minister in two months and pledged to lead the country out of a profound economic crisis and rebuild trust in politics.

5. Oil prices edged higher today, rebounding from an early fall of more than $1 a barrel, on a lift from a weaker dollar and supply concerns highlighted by Saudi Arabia's energy minister.

6. Hang Seng is down by 0.10%, and FTSE 100 is down by 0.01%.

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