Global Factors influencing ASX stocks on 03 March 2023

On 03 March 2023, at AEDT 12:55 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 22.30 points or 0.31%, and is currently trading at 7,277.90 levels. Out of 11 sectors, 9 sectors are trading higher along with the S&P/ASX 200. The Information Technology and Telecommunication Services were the top 2 gaining sectors, gaining 0.85% and 0.79% in their index values.

Also read-: Mid-Market: S&P/ASX 200 Trading Higher By 0.29%; Buoyed By IT And Healthcare Sectors

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, NASDAQ-100, Dow Jones and S&P 500 gained 0.73%, 0.89%, 1.05% and 0.76% respectively.

2. Gold prices rose today, on track for their first weekly rise in five weeks, as recent statements from Federal Reserve officials clarified the future of monetary policy this year.

3. Japan's services industry increased at the quickest rate in eight months in February, according to a private sector poll released on Friday, as the worldwide economic impact of the coronavirus epidemic faded.

4. Brazil's GDP contracted in the fourth quarter, owing to industrial contraction and a year-long recession.

5. Consumer confidence in New Zealand decreased in February compared to the previous month as consumers dealt with growing living costs and borrowing rates in the face of heavy inflationary pressures.

6. The dollar index is up more than 1% for 2023, owing mostly to stronger-than-expected US economic statistics and a related shift in expectations of interest rate rises by the US central bank.

7. The Hang Seng is up by 1.32% and the FTSE 100 is up by 0.37%.

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