Global Factors influencing ASX stocks on 27 October 2022

On 27 October 2022, at AEDT 12:30 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 54.90 points or 0.81%, and is currently trading at 6,865.80 levels. Out of 11 sectors, 10 sectors are trading higher along with the S&P/ASX 200. The Energy and Materials sectors are the top 2 gaining sectors, gaining 1.93% and 1.89% 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, and S&P 500 declined by 2.04%, 2.26%, and 0.74%, and Dow industrial closed flat respectively.

2. Gold prices traded near their highest level in two weeks on Thursday, with metal markets rallying as the dollar declined on growing expectations that the Federal Reserve will soften its hawkish stance this year.

3. The European Central Bank will increase interest rates again on Thursday and likely reel in a key subsidy to commercial banks, taking another huge step in tightening policy to fight off a historic surge in inflation.

4. The Australian dollar holds near its highest in three weeks at US64.94¢ after jumping 1.6% overnight.

5. Oil prices continued to rise in today after surging more than 3% in the previous session, driven by record U.S. crude exports and a weaker U.S. dollar.

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

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