Global Factors influencing ASX stocks on 10 February 2023

On 10 February 2023, at AEDT 01:05 PM, the benchmark index S&P/ASX 200 is trading lower today, declining 46.60 points or 0.62%, and is currently trading at 7,443.90 levels. Out of 11 sectors,10 sectors are trading lower along with the S&P/ASX 200. The Information Technology and Telecommunication services were the top 2 declining sectors, declining 1.87% and 1.15% in their index values.

Also read-: Mid-Market: S&P/ASX 200 Sharply Lower By 0.72%; 10 Out Of 11 Sectors Are Lower

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, Dow industrial, and S&P 500 declined 1.02%, 0.91%, 0.73%, and 0.88%, respectively.
2. Gold prices remained at a one-month low today, pressured by increasing short-term yields, as investors revised their prospects for further Fed rate rises.
3. Australia's central bank raised its predictions for core inflation and wage growth, warning that more hikes in interest rates would be required to prevent a catastrophic wage-price spiral.
4. Japan's wholesale prices increased by 9.5% in January compared to the previous corresponding period, adding to increasing indications of inflationary pressure that may put the central bank under pressure to wind down its large stimulus program gradually.
5. South Korea's reaffirmed his opinion that consumer prices will fall in the April-May period, a week after statistics showed the country's annual inflation unexpectedly increased in January.
6. Hang Seng is down by 0.54%, and FTSE 100 is up by 0.33%.

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