Global Factors influencing ASX stocks on 29 November 2022

On 29 November 2022, at AEDT 12.40 PM, the benchmark index S&P/ASX 200 is trading lower today, declining 4.70 points or 0.07%, and is currently trading at 7,224.40 levels. Out of 11 sectors, 06 sectors are trading lower along with the S&P/ASX 200. The Energy and Consumer Discretionary top 2 declining sectors, decline 1.56% and 0.84% in their index values.

Also read-: Mid-Market: S&P/ASX 200 Trading Lower By 0.07%; Collins Food Declined More than 18%

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, Dow industrial, and S&P 500 declined 1.58%, 1.43%, 1.45%, and 1.54%, respectively.
2. Oil prices rebound after touching the 11 low month low amid the prediction that OPEC+ would cut oil production to pull the market back higher.
3. Japan’s consumer inflation index rose by 3.6% in November, showing the fastest annual pace in the last 40 years. It reflects the broadening of inflation pressure.
4. The continued strengthening of the dollar may stop as the market is discounting Federal Reserve tightening, which would create buying opportunities for the currencies of Europe, Japan, and other emerging markets.  
5. Japan retail sales have underperformed, grew by 4.3% compared to October last year, but the growth expectation was 5%. The October growth is even lower than the September growth of 4.8%.
6. Gold prices broke their key support level following hawkish commentary from the Federal Reserve that they could hike the interest rates by 1% to 5% and 5.25%.
7. Hang Seng is up by 1.51%, and FTSE 100 is down by 0.17%.

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