TMH Market Open: ASX200 faces downward pressure as global economic indicators and earnings reports shape the week ahead

It looks to be a rough day on the local stock market today with ASX futures pointing to around a one per cent decline.

On Thursday, the US will release September quarter gross domestic product growth which is tipped to climb to 4.1 per cent at the official annualised rate.

The consumer price index data for September is expected to increase by 1.1 per cent compared to the June quarter. Treasury’s calculations indicate that there was a rise in petrol prices of over seven per cent in the September quarter.

S&P 500’s mega caps Apple, Alphabet, Amazon, Nvidia, Tesla, Microsoft and Meta Platforms – are expected to release earnings this week which have driven nearly all the S&P 500’s 12 per cent year-to-date.

Back home, the Prime Minister has revealed plans for a five-month assessment of trade sanctions with China. it has been confirmed that the Prime Minister will embark on an official visit to Beijing and Shanghai from November 4th to 7th.

The Aussie Dollar is buying 63 US cents which is continuing to add pressure to lifting oil prices.

Crude oil is trading at $88.52 with iron ore slipping nearly three per cent to $116 a tonne, gold is sitting steady at $1981, and natural gas has dipped more than one per cent to start the week buying just above $2.90, to $2.92.