Global Factors influencing ASX stocks on 01 June 2023

On 01 June 2023, at AEST 11:30 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 6.00 points or 0.08%, and is currently trading at 7,085.30 levels. Out of 11 sectors, 6 sectors are trading higher despite the decline in the S&P/ASX 200. The Information Technology and Utilities sectors were the top 2 gaining sectors, gaining 0.70% and 0.42% 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, S&P 500, and Dow jones ended lower by 0.63%, 0.70%, 0.61%, and 0.41% respectively.

2. US crude stocks likely increased last week, as did fuel inventories, according to the petroleum industry association API in a report on Wednesday, defying expectations for both to shrink as oil bulls gambled on higher energy consumption with the arrival of summer road, air and seaborne travel.

3. Gold prices are gaining today, extending their rebound from two-month lows amid renewed betting that the Federal Reserve will hold interest rates stable in June, although attention remained focused on the ongoing fight to raise the United States' debt ceiling.

4. Oil prices are declining for the third straight day as a result of data showing an unexpectedly big gain in U.S. oil storage last week. This data, together with indications of weaker Chinese demand, raised concerns about an oversupply.

5. South Korea's exports fell for an eighth straight month in May in annual terms, although less than anticipated, amid persistent weakness in demand for semiconductors.

6. The Hang Seng and FTSE 100 is down by 1.94% and 1.01%.

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