Global Factors Influencing ASX stocks on 10 July 2023

On 10 July 2023, at AEST 10:47 AM, the benchmark index S&P/ASX 200 is trading up today, gaining 22.80 points or 0.32%, and is currently trading at 7,065.10 levels. Out of 11 sectors, 7 sectors are trading higher along with the S&P/ASX 200. The Energy and Materials sectors were the top 2 gaining sectors, gaining 1.44% and 1.07% in their index values.

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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 lower in their previous session. NASDAQ Composite, NASDAQ-100, Dow Jones, and S&P 500 ended lower by 0.13%, 0.35%, 0.55%, and 0.29%, respectively.

2. Asian stock markets rose gingerly on Monday, as investors awaited a critical figure on US inflation and the start of another corporate earnings season.

After a recent severe sell-off drove rates to multi-year highs throughout the developed world, making equities less appealing in comparison, bond markets were still unsteady.

3. According to a Monday Invesco study of central banks and sovereign wealth funds, more nations are returning their gold holdings as insurance against the kind of sanctions the West has imposed on Russia.

4. With a US$1.44 billion commitment to build production facilities in Southeast Asia's largest auto-making region, which has traditionally been controlled by Japanese firms, Chinese electric vehicle makers are streaming into Thailand.

5. The Hang Seng and FTSE 100 is down by 0.90% and 0.32%.

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