Global Factors influencing ASX stocks on 08 September 2023

On 08 September 2023, at AEST 10:35 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 17.40 points or 0.24%, and is currently trading at 7,153.60 levels. Out of 11 sectors, 7 sectors are trading higher despite the decline in S&P/ASX 200. The Health Care and Utilities sectors were the top 2 gaining sectors, up by 0.58% and 0.43% in their index values.

Also read:  Mid-Market: S&P/ASX 200 Trading Lower By 0.31%; Dragged by Materials

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 mixed in their previous session. NASDAQ Composite, S&P 500, NASDAQ-100 ended lower by 0.89%, 0.32%, 0.73%, while Dow jones ended higher by 0.17% respectively.

2. Thursday evening saw minimal fluctuations in U.S. stock futures following a session marked by varying performance among key benchmark indices. Investors remained cautious, evaluating the potential for upcoming interest rate increases by Federal Reserve officials.

3. On Thursday, the S&P 500 and Nasdaq experienced declines, primarily attributed to Apple's performance and a sell-off in semiconductor stocks due to concerns regarding China's restrictions on iPhones. Additionally, a decrease in weekly U.S. jobless claims raised concerns about rising interest rates and persistent inflation pressures.

4. U.S. officials with knowledge of the discussions reveal that the United States, in collaboration with Saudi Arabia, India, and other countries, is exploring the potential for an infrastructure agreement that could reshape trade dynamics between the Gulf region and South Asia. This initiative aims to establish railway connections among Middle Eastern nations and establish a port link to India, thereby facilitating trade and regional connectivity.

5. The Hang Seng is down by 1.34% and FTSE 100 is up by 0.21%.

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