Global Factors influencing ASX stocks on 09 November 2023

On 09 November 2023, at AEDT 12:20 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 34.00 points or 0.49%, and is currently trading at 7,029.40 levels. Out of 11 sectors, 8 are trading higher along with the S&P/ASX 200. The Consumer Discretionary and Health Care sectors were the top 2 gaining sectors, up by 0.90% and 0.81% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Higher By 0.49%; Gained By Consumer Discretionary Sector

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, NASDAQ-100, S&P 500 ended higher by 0.08%, 0.11%, 0.10%, and Dow jones ended lower by 0.12% respectively.

2. On Wednesday, the Dow closed lower, halting a seven-day winning streak, as investors exercised caution amidst ongoing quarterly corporate earnings and statements from Federal Reserve officials. In contrast, the benchmark S&P and tech-heavy Nasdaq extended their winning streaks to seven and eight days, respectively, marking their longest continuous gains since 2021. Remarkably, the Dow had also achieved seven consecutive positive days prior to this, reflecting the volatility and uncertainty in the market amid corporate earnings releases and central bank commentary.

3. On Thursday, National Australia Bank announced an increase in its annual cash profit due to higher interest rates. However, the bank warned that heightened competition and inflationary pressures, which led to a 10% decline in second-half earnings, would continue. Despite strong annual earnings from deposits and capital, the impact of tightening monetary policies and inflation affected cash earnings for the half-year ending September 30, impacting households and the economy.

4. In September, Japan recorded its largest current account surplus in 18 months, according to the Ministry of Finance (MOF). The trade balance shifted to a surplus, and substantial gains from overseas investments significantly boosted the balance of payments. Japan's current account surplus for September was 2.72 trillion yen (US$18.03 billion), slightly below the economists' median forecast of 3.0 trillion yen in a Reuters poll.

5. The Hang Seng and FTSE 100 is down by 0.58% and 0.11%.

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