Global Factors influencing ASX stocks on 02 March 2023

On 02 March 2023, at AEDT 12:12 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 7.80 points or 0.11%, and is currently trading at 7,259.40 levels. Out of 11 sectors, 9 sectors are trading lower despite the gain in the S&P/ASX 200. The Materials and Energy were the top 2 gaining sectors, gaining 2.21% and 1.34% in their index values.

Also read-: Mid-Market: S&P/ASX 200 Trading Higher By 0.34%; Buoyed By Energy And Materials Sectors

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 and some ended higher in their previous session. NASDAQ Composite, NASDAQ-100, and S&P 500 declined 0.66%, 0.86% and 0.47% respectively and Dow Jones gained 0.02%.

2. Gold prices were around a one-week high as the dollar fell, benefiting the yellow metal, while copper prices held steady following a big advance this week on growing confidence about a Chinese economic revival.

3. Japanese companies increased spending on plant and equipment for the seventh consecutive quarter in the last three months of 2022, according to statistics released today, providing comfort to policymakers hoping for a private demand-led rebound from COVID.

4. South Korea's manufacturing activity dropped for the eighth month in a row in February, according to a poll released today, reflecting the country's and the world's bad economic circumstances, despite some improvement in production and orders.

5. The dollar lost ground as optimism about China's reopening was supported by good data and backed Asian currencies, while sticky inflation kept the euro on track for its best week in a month and a half.

6. The Hang Seng is up 4.21% and FTSE 100 is up by 0.49%.

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