Global Factors influencing ASX stocks on 08 May 2023

On 08 May 2023, at AEST 11:45 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 5.30 points or 0.04%, and is currently trading at 7,187.30 levels. Out of 11 sectors, 10 sectors are trading higher along with the S&P/ASX 200. The Energy and Materials sectors were the top 2 gaining sectors, gaining 1.83% and 1.28% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Higher By 0.67%; 10 Out 11 Sectors Are Trading Higher

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 in their previous session. NASDAQ Composite, NASDAQ-100, Dow jones and S&P 500 ended higher 2.25%, 2.13%, 1.65% and 1.85% respectively.

2. Oil prices rose slightly today as fears of a recession in the U.S., which drove prices down for three straight weeks for the first time since November, began to recede.

3. Gold prices were muted, reeling from sharp losses in the prior session as hotter-than-expected U.S. labour data fuelled worries over a hawkish Federal Reserve, with focus now turning to key inflation data due this week.

4. According to a private-sector survey, Japan's services activity grew at a record pace in April, helped by a boost in consumer spending following the end of COVID-19 pandemic restrictions.

5. The Hang Seng is up 0.50%, and FTSE 100 is up 0.98%.

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