Global Factors influencing ASX stocks on 31 October 2022

On 31 October 2022, at AEDT 12:40 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 38.40 points or 0.57%, and is currently trading at 6,824.10 levels. All 11 sectors are trading higher along with the gain in the S&P/ASX 200. The Information Technology and Consumer Discretionary sectors are the top 2 gaining sectors, gaining 2.81% and 1.70% 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 2.87%, 3.17%, 2.59%, and 2.46%, respectively.
2. Australian retail sales posted another solid increase in September due to spending on food, clothing, and eating out, with consumption remaining surprisingly resilient in the face of surging inflation and higher interest rates.
3. Iron ore prices declined to the lowest level in more than two years as increasing concerns about global steel demand were met with signs of a strengthening bulk commodity supply.
4. Chicago wheat futures jumped more than 5% today and corn rose over 2% as Russia's withdrawal from a Black Sea export agreement raised concerns over global grain supplies.
5. Japan's factory output declined in September for the first time in four months as manufacturers took a hit from rising costs for raw materials and the global economic slowdown.
6. Hang Seng is down by 3.66%, and FTSE 100 is down by 0.37%.

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