Global Factors influencing ASX stocks on 07 June 2023

On 07 June 2023, at AEST 12:25 PM, the benchmark index S&P/ASX 200 is trading up today, gaining 16.00 points or 0.22%, and is currently trading at 7,145.60 levels. Out of 11 sectors, 7 sectors are trading higher along with the S&P/ASX 200. The Information Technology and Materials sectors were the top 2 gaining sectors, gaining 1.28% and 0.95% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Higher By 0.22%; PNV Rallied By More Than 10%

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, S&P 500, NASDAQ-100, and Dow jones ended higher by 0.36%, 0.24%, 0.01% and 0.03% respectively.
2. US crude stockpiles are expected to have risen. At the same time, fuel inventories saw a significant surge, as indicated by a report released Tuesday by the petroleum industry group API. This report presents a mixed outcome for oil bulls betting on higher oil demand with the onset of summer travel.
3. On Wednesday, gold prices showed minimal movement as markets adopted a cautious stance in anticipation of an upcoming Federal Reserve meeting. Meanwhile, copper prices continued their recovery from six-month lows, experiencing an upward trend.
4. The renewed effort to increase the U.S. debt ceiling sparked a debate in Congress regarding funding for Ukraine. House of Representatives Speaker Kevin McCarthy announced on Tuesday that he currently has no immediate intentions to consider legislation that would further enhance defence spending beyond the provisions outlined in last week's agreement.
5. The Hang Seng is flat, and FTSE 100 is up 0.37%.

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