Global Factors influencing ASX stocks on 09 March 2023

On 09 March 2023, at AEDT 12.48 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 8.70 points or 0.12%, and is currently trading at 7,316.10 levels. Out of 11 sectors, 9 sectors are trading higher along with the S&P/ASX 200. The Information Technology and Consumer Discretionary were the top 2 gaining sectors, gaining 2.11% and 0.93% in their index values.

Also read-: Mid-Market: S&P/ASX 200 Is Trading Flat; Xero Limited Rises

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 and some ended lower in their previous session. NASDAQ Composite, NASDAQ-100, and S&P 500 gained 0.40%, 0.52% and 0.14% respectively and Dow Jones declined 0.18%.

2. Job vacancies in the United States declined less than expected in January, indicating consistently tight labour market conditions that will likely keep the Federal Reserve on pace to raise interest rates for a longer period.

3. Gold prices changed little today, remaining just around their lowest levels this year amid persistent fears about increasing US interest rates, with attention shifting to impending jobs data to evaluate the likelihood of future rises.

4. Hedge funds are employing greater leverage to speculate on the stock market this year, but they are less likely to bet on market direction owing to increased macroeconomic uncertainty.

5. Oil prices declined in the previous session as concerns that more aggressive US interest rate rises will crimp economic growth and demand overshadowed a larger-than-expected reduction in US crude stockpiles.

6. The Hang Seng is up 0.16% and FTSE 100 is up by 0.13%.

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