Global Factors influencing ASX stocks on 07 March 2023

On 07 March 2023, at AEDT 12:45 PM, the benchmark index S&P/ASX 200 is trading lower today, declining 5.50 points or 0.08%, and is currently trading at 7,323.10 levels. Out of 11 sectors, 5 sectors are trading lower along with the S&P/ASX 200. The Materials and A-REIT were the top 2 declining sectors, declining 0.89% and 0.46% in their index values.

Also read-: Mid-Market: S&P/ASX 200 Trading Lower By 0.17%; Weighed Down By Materials And IT Sectors

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 higher and some ended lower in their previous session. NASDAQ Composite declined 0.11% and NASDAQ-100, Dow Jones and S&P 500 gained 0.10%, 0.12% and 0.07% respectively

2. Japan's real wages fell the most in almost nine years in January due to four-decade-high inflation, according to labour ministry statistics released on Tuesday, limiting consumers' purchasing power.

3. South Korea's GDP shrank 0.4% year on year in the fourth quarter, according to updated central bank statistics released on Tuesday, matching the advance estimate given in January.

4. Gold prices remained in a narrow range today as markets braced for additional monetary policy indications from Federal Reserve Chair Jerome Powell's testimony, while copper prices held steady ahead of Chinese trade data.

5. Australia's trade surplus decreased more than predicted in January, according to figures released on Tuesday, as a minor gain in exports was mainly offset by a surge in imports due to a strong increase in automotive shipments.

6. The Hang Seng is up 0.02% and FTSE 100 is down by 0.22%.

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