Top Global news influencing ASX

ASX is trading lower on 03 October 2022. At AEDT 12:36 PM, ASX 200 slipped 0.25% and is trading at 6,458.20. Over the last 5 days, the index has been virtually unchanged. However, it is down 13.25% for the last year to date. Out of 11 sectors, 8 sectors are lower today. The Information Technology sector is the top loser, with a 2.22% drop in the index value. On the other hand, the Utilities and energy sectors are top gainers with a marginal growth of 0.51% and 0.32% growth in the index values.

On that note, let us look at a few reasons influencing ASX:

1. Oil rallies over 2% in the early trade this morning following multiple reports that OPEC+ will decide on supply cuts as it grapples with the weakening prices.
2. Brent oil futures increased by ~2.5% to over US$87.5 per barrel.
3. Key indices in the US reported a drop in the index values. NASDAQ Composite, NASDAQ-100, Dow Industrial, S&P 500 and Russell 2000 slipped 1.51%, 1.73%, 1.71%, 1.51% and 0.61%, respectively in its previous trading session.
4. UK markets added to the stress after the government revealed extensive tax cuts that threatened to worsen inflationary pressure.
5. The Hang Seng is down -0.25%, and the FTSE 100 is up 0.18% today.

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