Global Factors influencing ASX stocks on 10 March 2023

On 10 March 2023, at AEDT 12.55 PM, the benchmark index S&P/ASX 200 is trading lower today, declining 131.90 points or 1.80%, and is currently trading at 7,179.20 levels. Out of 11 sectors 10 sectors are trading lower along with the S&P/ASX 200. The Financials and Energy were the top 2 declining sectors, declining 2.68% and 2.35% in their index values.

Also read-: Mid-Market: S&P/ASX 200 Is Trading Sharply Lower; Weighed Down By Financials And Energy Sectors

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 Jones and S&P 500 declined 2.05%, 1.80%, 1.66% and 1.85% respectively.

2. Gold prices rose today as a larger-than-expected increase in weekly jobless claims raised optimism that other future labour market surveys would show indications of cooling.

3. Oil prices fell almost 1% to a two-week low in the previous session on growing fears that the US Federal Reserve may go too far in raising interest rates to contain inflation, causing a recession and reducing future oil demand.

4. Job openings in the United States declined less than expected in January, and figures for the previous month were revised higher, indicating consistently tight labour market conditions that will likely keep the Federal Reserve on pace to raise interest rates for a longer period.

5. The Bank of Japan is expected to maintain ultra-low interest rates and defer substantial changes to its contentious bond yield control policy, keeping options open ahead of an April leadership shift.

6. The Hang Seng is down 0.63% and FTSE 100 is down by 0.63%.

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