Global Factors influencing ASX stocks on 03 April 2023

On 03 April 2023, at AEST 11:45 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 58.00 points or 0.81%, and is currently trading at 7,235.80 levels. Out of 11 sectors 10 sectors are trading higher along with the S&P/ASX 200. The Energy and Information Technology were the top 2 gaining sectors, gaining 3.23% and 2.59% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Higher By 0.79%; All 11 Sectors Are In Green

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 and NASDAQ-100, Dow Jones and S&P 500 gained 1.74%, 1.68%, 1.26% and 1.44% respectively.

2. Oil prices rose almost $5 a barrel today, rocked by a surprising declaration by OPEC+ to cut output even further in an effort to sustain market stability.

3. A rise in inventories caused Japan's manufacturing activity to contract at its slowest rate in five months in March. Still, the post-COVID economic recovery will take some time due to persistently weak domestic and global demand conditions.

4. The dollar rose against the euro in the previous session but was on track for its fifth straight weekly loss against the common currency, after slower U.S. consumer spending growth boosted hopes the Federal Reserve would be less aggressive in hiking interest rates.

5. The Hang Seng is up 0.45%, and the FTSE 100 is up by 0.15%.

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