Global Factors influencing ASX stocks on 01 August 2023

On 01 August 2023, at AEST 11:25 AM, the benchmark index S&P/ASX 200 is trading up today, gaining 13.50 points or 0.18%, and is currently trading at 7,423.90 levels. Out of 11 sectors, 7 sectors are trading higher along with the S&P/ASX 200. The Materials and Energy sectors were the top 2 gaining sectors, up by 1.48% and 1.40% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Higher By 0.22%; Gained By Materials And Energy Sectors             

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, S&P 500, and Dow jones ended higher by 0.21%, 0.04%, 0.15%, and 0.28% respectively.

2. On Tuesday, gold prices slightly declined, with futures predominantly leading spot rates, whereas copper prices were supported by increasing anticipations of additional stimulus measures in China.

3. On Monday, both Wall Street and global stocks made slight gains, accompanied by rising oil prices, and the dollar remained relatively stable. Traders are anticipating corporate earnings and a crucial employment report scheduled for this week.

4. In July, a private business survey revealed that the prolonged decline in South Korea's factory activity showed signs of improvement as export orders increased for the first time in almost 1-1/2 years. This development has raised optimism for a more sustainable economic recovery.

5. The Hang Seng and FTSE 100 is up by 0.82% and 0.07%.

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