Top Global news influencing the market on 05 October 2022

At AEDT 3:12 PM, ASX 200 index moved up sharply on 05 October 2022 by 1.72% to 6,814.60. It crossed above its 20-day moving average. Out of 11 sectors, 10 sectors are trading higher today. Several factors contributed to ASX 200 performance. However, in this article, we will look at the a few global factors that impacted the market today.

1. Most Asian stocks improved as investors seem to be optimistic that the future global interest rate increase will slowdown and become less aggressive amid early signs previous policy tightening was working to temper price pressure in some of the major world economies.
2. Major US indices moved up significantly. NASDAQ Composite, NASDAQ-100, Dow Industrial, S&P 500 and Russell 2000 by 3.34%, 3.14%, 2.80%, 3.06% and 3.91%, respectively.
3. IT sector driven by strong growth in the US tech index.
4. Reserve Bank of New Zealand lifts rate 0.5% to 3.5%.
5. The Hang Seng is up 5.49%, and the FTSE 100 is up 2.57% today.
6. Crude Oil WTI slipped 0.37%. On Tuesday, 04 October 2022, oil price increased by ~US$3 per barrel on expectation that there will be big cut in crude output from the OPEC+ producer group and as a weaker US Dollar made oil purchase less expensive.
7. AUD/USD slipped 0.26% from its previous session. Currently, 1 AUD = 0.65 USD

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