Global Factors Influencing ASX Stocks on 06 June 2023

On 06 June 2023, at AEST 11:35 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 50.50 points or 0.70%, and is currently trading at 7,165.80 levels. Out of 11 sectors, 10 sectors are trading lower along with the S&P/ASX 200. The Consumer Discretionary and A-REIT sectors were the top 2 declining sectors, declining 1.44% and 1.06% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Lower By 0.72%; Weighed down by Consumer Discretionary

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 mixed in their previous session. NASDAQ Composite, S&P 500, and Dow Jones ended lower by 0.09%, 0.20%, and 0.59% and NASDAQ-100 closed lower by 0.07% respectively.
2. The dollar showed minimal movement on Monday after ending a three-week winning streak. However, the unexpectedly robust U.S. economy indicates that it may be premature to anticipate a swift return of bearish sentiment toward the greenback.
3. According to the British Retail Consortium, retail sales growth in Britain decelerated to its lowest level in seven months in May. The surge in food prices led consumers to tighten their belts on non-essential purchases.
4. On Monday, the S&P 500 closed with a decline as investors assessed the possibility of the U.S. Federal Reserve pausing its interest rate hikes during the upcoming policy meeting.
5. The Hang Seng is up 0.84%, and FTSE 100 is down 0.10%.

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