Global Factors influencing ASX stocks on 28 October 2022

On 28 October 2022, at AEDT 12:30 PM, the benchmark index S&P/ASX 200 is trading lower today, declining 37.20 points or 0.54%, and is currently trading at 6,807.90 levels. Out of 11 sectors, 7 sectors are trading higher despite the decline in the S&P/ASX 200. Materials and Information Technology sectors are the top 2 losing sectors, declining 3.31% and 2.18% 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 1.63%, 1.88%, and 0.61%, and Dow industrial closed higher by 0.61% respectively.

2. Japan's Core CPI inflation hit a 33-year high in October, indicating continued inflationary pressures in the country as costly fuel imports and rising raw material costs were exacerbated by a weak yen.

3. Gold prices fell slightly on today as the dollar recovered on stronger-than-expected third-quarter U.S. GDP data, while copper prices were set for a third straight week of gains on fears that supply will tighten in the coming months. 

4. Oil prices fell today on a stronger dollar but were on track for a weekly gain on concerns about supply tightening with Europe's pending cut-off of imports from Russia.

5. Hang Seng is up by 0.72%, and FTSE 100 is up by 0.25%.

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