Global Factors influencing ASX stocks on 09 August 2023

Aug 09, 2023

On 09 August 2023, at AEST 11:40 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 8.40 points or 0.11%, and is currently trading at 7,319.40 levels. Out of 11 sectors, 6 sectors are trading higher along with the S&P/ASX 200. The Financial and Information Technology sectors were the top 2 gaining sectors, up by 0.85% and 0.53% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Higher By 0.13%; Buoyed By Financials And IT Sectors      

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, S&P 500, and Dow jones ended lower by 0.79%, 0.87%, 0.42%, and 0.45% respectively.

2. Despite significant production cuts by Saudi Arabia, preliminary data from the American Petroleum Institute (API) suggests that U.S. crude oil inventories probably increased by more than 4 million barrels last week.

3 On Tuesday, the British pound declined in relation to the US dollar due to sourcing sentiment favouring safer assets like the dollar. The currency might face further challenges ahead, as concerns arise about overextended wagers on Bank of England rate hikes.

4. Gold prices stabilized close to levels seen in the past month on Wednesday, influenced by deteriorating market sentiment and the anticipation of additional rate hikes by the Federal Reserve, driving investors toward the dollar. Meanwhile, copper prices prolonged their ongoing decline due to discouraging trade figures from China, a leading exporter, indicating a decline in demand for the commodity.

5. The Hang Seng and FTSE 100 is down by 1.81% and 0.36%.

 

 

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com