Global Factors influencing ASX stocks on 11 August 2023

On 11 August 2023, at AEST 11:25 AM, the benchmark index S&P/ASX 200 is trading up today, gaining 3.80 points or 0.05%, and is currently trading at 7,361.20 levels. Out of 11 sectors, 6 sectors are trading higher along with the S&P/ASX 200. The Consumer Discretionary and Financial sectors were the top 2 gaining sectors, up by 0.68% and 0.35% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Lower By 0.18%; Dragged Down By Energy And Utilities Sectors 

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

Key U.S. indices ended higher in their previous session. NASDAQ Composite, NASDAQ-100, S&P 500, and Dow jones ended higher by 0.12%, 0.18%, 0.03%, and 0.15% respectively.

On Friday, oil prices saw a slight increase due to the optimistic outlook of the OPEC producer group, which anticipates strong oil demand in 2024 and has also raised its predictions for global economic expansion. 

In the beginning, Wall Street strongly welcomed the U.S. inflation data, which indicated a notable decrease in certain indicators of underlying price pressures last month. This led the rates futures markets to predict the conclusion of the Federal Reserve's tightening cycle. However, the initial gains, surpassing 1%, dissipated as yields on longer-term Treasury bonds began to rise once more. As a result, the three primary stock market indexes ended the day with minimal gains, ranging from flat to 0.15% higher. Consequently, Asian markets seem likely to open on Friday with a more restrained atmosphere. 

On Thursday, the Dow managed to finish the day with gains, primarily boosted by a surge in Disney's stock, despite having relinquished a significant portion of its earlier advances. This was influenced by the increase in Treasury yields, which had a dampening effect on market sentiment, despite the presence of data indicating continued signs of inflation easing. 

The Hang Seng and FTSE 100 is up by 0.01% and 0.41%.

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