Global Factors influencing ASX stocks on 11 April 2023

On 11 April 2023, the benchmark index S&P/ASX 200 closed higher today, gained 90.90 points or 1.26%, and closed at 7,309.90 levels. Out of 11 sectors, 10 sectors ended higher along with the S&P/ASX 200. The Materials and Consumer Discretionary were the top 2 gaining sectors, gaining 2.24% and 1.27% in their index values.

Also read Mid-Market S&P/ASX 200 Trading Higher By 1.40%; All 11 Sectors Are Trading In Green

On that note, let us look at a few global reasons impacted the stock market today:

1. Some of the key U.S. indices ended lower and some ended higher in their previous session. NASDAQ Composite and NASDAQ-100 ended lower 0.03%, 0.09% respectively and Dow jones and S&P 500 ended higher 0.30% and 0.10% respectively.

2. Gold prices were largely steady today, hovering just below recent highs as investors awaited additional indications on the US economy from inflation data and the Federal Reserve's March meeting minutes, both coming later this week.

3. Oil prices moved up on Tuesday as market players evaluated production curbs from OPEC+ that would tighten the global market against fears about future interest rate rises potentially affecting demand.

4. The dollar rose in the previous session after Friday's strong employment data raised expectations for a May interest rate rise. The yen fell as new Bank of Japan Governor Kazuo Ueda signalled that the central bank's enormous stimulus would be phased down gradually.

5. South Korea's central bank maintained interest rates constant for the second straight meeting on Tuesday, as predicted, despite competing concerns from persistently rising inflation, a weakening economy, and increased financial instability.

6. The Hang Seng is up 0.76% and FTSE 100 is up 0.38%.

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