Global Factors influencing ASX stocks on 03 November 2022

On 03 November 2022, at AEDT 12.35 PM, the benchmark index S&P/ASX 200 is trading lower today, declining 143.60 points or 2.06%, and is currently trading at 6,843.10 levels. All 11 sectors are trading lower along with the S&P/ASX 200. The Materials and Consumer Discretionary sectors are the top 2 losing sectors, declining 3.24% and 2.60% 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, Dow industrial, and S&P 500 declined 3.36%, 3.39%, 1.55%, and 2.50%, respectively.
2. The U.S. Federal Reserve raised its benchmark interest rate by 0.75% for the fourth consecutive time, taking the federal funds rate to a target range of 3.75% to 4%, its highest level since 2008.
3. Gold prices fell today, reversing recent gains as hawkish comments from Federal Reserve Chairman Jerome Powell dashed hopes that interest rate hikes will end soon. At the same time, copper prices were also hit by uncertainty over China withdrawing its zero-COVID policy. 
4. Russia said on Wednesday that it would resume its participation in a deal freeing up grain exports from Ukraine, reversing a move that world leaders warned would increase hunger globally.
5. The Bank of England looks on track to raise interest rates by three-quarters of a percentage point to 3% later on Thursday, its biggest rate rise since 1989, as it battles the highest inflation in 40 years.
6. Hang Seng is up by 2.41%, and FTSE 100 is down by 0.58%.

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