Global Factors influencing ASX stocks on 08 February 2023

On 08 February 2023, at AEDT 1:20 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 19.00 points or 0.25%, and is currently trading at 7,523.10 levels. Out of 11 sectors, 4 sectors are trading higher along with the S&P/ASX 200. The Financials and Materials are the top 2 gaining sectors, gaining 0.86% and 0.71% in their index values.

Also read-: Mid-Market: S&P/ASX 200 Trading Higher By 0.28%; Led By Financial And Materials 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 industrial, and S&P 500 gained 1.90%, 2.12%, 0.78%, and 1.29%, respectively
2. Gold prices held steady, despite the Federal Reserve's mixed signals on monetary policy, while copper prices rose after a robust gain, as investors bet on a revival in demand in major importer China.
3. Japan's current account surplus dropped substantially in December, following the impact of ongoing trade deficits and a weak yen on the country's once-solid balance of payments.
4. The dollar fell today as Federal Reserve failed to provide new evidence of a hawkish pushback against the United States' strong labour market, prompting investors to bet that interest rates will not climb much more.
5. Oil prices gained early Wednesday, extending gains from the previous two days, as the dollar declined after Federal Reserve sounded less aggressive on interest rates than investors had anticipated and as US crude stockpiles fell unexpectedly.
6. Hang Seng is down by 0.02%, and FTSE 100 is up by 0.36%.

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