Global Factors influencing ASX stocks on 06 March 2023

On 06 March 2023, at AEDT 01:20 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 45.70 points or 0.63%, and is currently trading at 7,329.30 levels. Out of 11 sectors, 9 sectors are trading higher along with the S&P/ASX 200. The information Technology and Consumer Discretionary were the top 2 gaining sectors, gaining 2.57% and 1.81% in their index values.

Also read-: Mid-Market: S&P/ASX 200 Trading Higher By 0.57%; Lifted By IT And Consumer Discretionary 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 1.97%, 2.04%, 1.17 and 1.61% respectively.

2. Gold prices are neutral today amid some uncertainty about US monetary policy, while copper prices fell dramatically after key importer China declared a lower-than-expected GDP target for 2023.

3. China set a modest 5% growth target for this year as it opened the annual session of its National People's Congress (NPC), which is ready to conduct the greatest government shake-up in a decade.

4. European stocks closed higher as Wall Street rose after the release of stronger-than-expected US service industry data.

5. South Korean consumer prices rose at the weakest rate in ten months in February, boosting perceptions that the central bank completed its current policy tightening cycle after holding rates constant last month.

6. The Hang Seng is down 0.19% and FTSE 100 is up by 0.04%.

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