Global Factors influencing ASX stocks on 03 July 2023

On 03 July 2023, at AEST 11:20 AM, the benchmark index S&P/ASX 200 is trading up today, gaining 12.20 points or 0.17%, and is currently trading at 7,215.70 levels. Out of 11 sectors, only 3 sectors are trading higher along with the S&P/ASX 200. The Materials and Utilities sectors were the top 2 gaining sectors, gaining 0.55% and 0.38% in their index values.

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 higher in their previous session. NASDAQ Composite, NASDAQ-100, Dow jones and S&P 500 ended higher by 1.45%, 1.60%, 0.84% and 1.23%, respectively.

2. The Reserve Bank of Australia is expected to increase its interest rate by 25 basis points to 4.35% on Tuesday to control persistent high inflation. However, according to a Reuters poll of economists, the decision to raise or maintain the rate is finely balanced.

3. In the early trade on Monday, gold prices showed limited movement as investors awaited further signals on the U.S. economy during the week. At the same time, copper prices slightly rose in anticipation of crucial Chinese manufacturing data.

4. According to a private survey conducted on Monday, Japan's factory activity experienced a contraction in June, following a period of expansion in May after seven months. This decline was primarily driven by sluggish demand for cyclical goods in the midst of a global economic slowdown.

5. The Hang Seng is down by 0.09% and FTSE 100 is up by 0.80%.

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