Global Factors influencing ASX stocks on 11 January 2024

On 11 January 2024, at AEDT 11:50 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 28.30 points or 0.38%, and is currently trading at 7,496.90 levels. Out of 11 sectors, 8 sectors are trading higher along with the gain in the S&P/ASX 200. The Consumer Discretionary and Information Technology sectors are the top 2 gaining sectors, gaining 1.25% and 0.91% in their index values.

Also Read: Mid-Market: S&P/ASX 200 Trading Higher By 0.44%; Buoyed By Consumer Discretionary And Tech Stocks

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 industrial, and S&P 500 declined 0.75%, 0.69%, 0.45%, and 0.57%, respectively.

2. U.S. stocks closed higher on Wednesday as mega caps rallied, but gains were limited ahead of inflation reports and major bank earnings later in the week.

3. Regulators in the United States have approved the launch of spot bitcoin exchange-traded funds, allowing retail investors to more easily access the controversial crypto currency through traditional share markets.

4. Federal Reserve Bank of New York President John Williams said Wednesday that it’s still too soon to call for rate cuts as the central bank still has some distance to go on getting inflation back to its 2% target.

5. US West Texas Intermediate crude futures fell 1.2% to US$71.37 a barrel. Global benchmark Brent crude oil futures slumped 1% to US$76.80 a barrel after a surprise jump in US crude stockpiles raised worries about demand in the largest oil market.

6. Hang Seng is down by 0.57%, and FTSE 100 is down by 0.42%.

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