Global Factors influencing ASX stocks on 10 May 2023

On 10 May 2023, at AEST 01:10 PM, the benchmark index S&P/ASX 200 is trading lower today, declining 12.50 points or 0.17%, and is currently trading at 7,251.10 levels. Out of 11 sectors, 7 sectors are trading lower along with the S&P/ASX 200. The Financial and Telecommunication sectors were the top 2 declining sectors, declining 0.89% and 0.69% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Lower By 0.36%; Tracking Wall Street

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, S&P 500 and Dow jones ended lower by 0.63%, 0.68%, and 0.46% 0.17% respectively.

2. Oil prices saw a little decline today, as industry data indicated an unexpected increase in U.S. crude stockpiles, but the anticipation of vital US inflation data later in the day kept investors on edge.

3. Gold prices surged above crucial support levels on Wednesday, boosted mostly by safe-haven demand amid anxiety about the US debt ceiling and weakening economic growth, with the focus being on key inflation data due later in the day.

4. Stocks are struggling to advance in Asia and the dollar is firming today ahead of U.S. consumer price data that could damage hopes for interest rate cuts later this year if inflation fails to show much of a decline.        

5. The Hang Seng and FTSE 100 are down by 0.70%, 0.18%.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com