Global Factors influencing ASX stocks on 09 June 2023

On 09 June 2023, at AEST 11:15 AM, the benchmark index S&P/ASX 200 is trading up today, gaining 22.40 points or 0.32%, and is currently trading at 7,122.10 levels. Out of 11 sectors, 7 sectors are trading lower despite the gain in the S&P/ASX 200. The Materials and Information Technology sectors are the top 2 gaining sectors, gaining 0.92% and 0.82% in their index values.

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, S&P 500, NASDAQ-100, and Dow jones ended higher by 1.02%, 0.62%, 1.27%, and 0.50% respectively.

2. Analysts at Citigroup and Commerzbank stated on Thursday that, despite the current fluctuations in the price of gold, one reason to remain optimistic about the precious metal is the Federal Reserve's potential decision to pause rate hikes next week.

3. A senior official stated on Thursday that the Bank of Canada decided to increase rates after a four-month break due to unexpectedly robust household spending and elevated core inflation. However, the official did not indicate the possibility of another rate hike shortly.

4. On Friday, gold and other metal markets stabilized and were poised for a second consecutive week of growth, as the dollar weakened due to expectations that the Federal Reserve would halt its cycle of interest rate increases in the coming week.

5. The Hang Seng is up 0.25%, and FTSE 100 is down 0.32%.

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