Global Factors influencing ASX stocks on 08 March 2023

On 08 March 2023, at AEDT 12.35 PM, the benchmark index S&P/ASX 200 is trading lower today, declining 54.70 points or 0.74%, and is currently trading at 7,310.00 levels. Out of 11 sectors, 8 sectors are trading lower along with the S&P/ASX 200. The Energy and Materials were the top 2 declining sectors, declining 4.81% and 1.13% in their index values.

Also read-: Mid-Market: S&P/ASX 200 Sharply Lower By 0.97%; Tracking Wall Street

On that note, let us look at a few global reasons impacting the stock market today:

1. Key U.S. indices ended lower in their previous session. NASDAQ Composite, NASDAQ-100, Dow Jones and S&P 500 declined 1.25%, 1.22%, 1.72% and 1.53% respectively.

2. The head of Australia's central bank stated on Wednesday that the country's rapid cycle of rate hikes was nearing an end and that a pause might come as soon as April.

3. Japan had a record current account deficit in January as the cost of importing petroleum continued to soar, according to official figures released on Wednesday.

4. Oil prices plummeted nearly $3 per barrel in the previous session after remarks by US Federal Reserve Chair Jerome Powell fuelled rate rise worries.

5. The dollar touched a three-month high versus a basket of currencies in the previous session after Federal Reserve Chair Jerome Powell suggested the US central bank is likely to hike rates more than previously anticipated.

6. The Hang Seng is down 0.33% and FTSE 100 is down by 0.13%.

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