Global Factors influencing ASX stocks on 01 March 2023

On 01 March 2023, at AEDT 11:25 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 32.40 points or 0.45%, and is currently trading at 7,226.00 levels. Out of 11 sectors 9sectors are trading lower along with the S&P/ASX 200. The Telecommunication Services and A-Reit were the top 2 declining sectors, declining 1.65% and 1.52% in their index values.

Also read-: Mid-Market: S&P/ASX 200 trading lower by 0.13%; Material sector was the top gainer

On that note, let us look at a few global reasons impacting the stock market today.

1. Some of the key U.S. indices ended lower in their previous session. NASDAQ Composite, NASDAQ-100, Dow industrial and S&P 500 declined 0.10%, 0.13%, 0.71% and 0.30% respectively.

2. Oil prices gained about 2% on Tuesday, erasing the previous session's losses, as expectations for a robust economic comeback in China countered concerns that interest rate rises in the United States would dampen demand in the world's largest economy.

3. Consumer confidence in the United States surprisingly decreased in February, with the drop concentrated among lower-middle-income households, despite People being more optimistic about the labour market.

4. The dollar edged up against major currencies in turbulent trading on Tuesday, marking its first monthly gain since September on expectations that interest rates would remain high for some time as inflation continues stubbornly high, although recession worries kept investors on edge.

5. Australian stocks are poised to fall after American indexes ended February negatively. With inflation being strong, investors anticipate higher-for-longer interest rates.

6. The Hang Seng is down 0.79% and FTSE 100 is down by 0.74%.

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