Global Factors influencing ASX stocks on 05 April 2023

On 05 April 2023, at AEST 11:53 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 5.80 points or 0.08%, and is currently trading at 7,230.20 levels. Out of 11 sectors, 3 sectors are trading lower along with the S&P/ASX 200. The Materials and Energy were the top 2 declining sectors, declining 0.78% and 0.26% in their index values.

Also read Mid-Market: S&P/ASX 200 Trading Higher By 0.12%; Buoyed By Healthcare And Industrials Sectors

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

1. Key U.S. indices ended lower in their previous session. NASDAQ Composite and NASDAQ-100, Dow Jones and S&P 500 ended lower 0.52%, 0.37%, 0.59% and 0.58% respectively.

2. Oil prices remained in a narrow range in early Asian trade on Wednesday as markets digested a series of dismal US economic figures. However, evidence of reducing stocks and a recent OPEC production reduction pointed to tighter supply.

3. The services sector in Japan expanded at the quickest rate in almost nine years in March, according to a private sector survey released today, indicating that the post-COVID rebound was gaining traction and giving some counterweight to a still-weak industrial sector.

4. The US dollar remained at two-month lows as dismal economic data fuelled thoughts that the Federal Reserve is nearing the end of its monetary tightening cycle.

5. Annual inflation in the Philippines fell for the second month in March. Still, according to the statistics office on Wednesday, it remained above goal, citing slower rises in food and transportation expenses.

6. The Hang Seng is down 0.66% and FTSE 100 is down 0.50%.

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