Global Factors influencing ASX stocks on 11 July 2023

On 11 July 2023, at AEST 11:10 AM, the benchmark index S&P/ASX 200 is trading up today, gaining 61.30 points or 0.88%, and is currently trading at 7,065.30 levels. All 11 sectors are trading higher along with the S&P/ASX 200. The Materials and Information Technology sectors were the top 2 gaining sectors, gaining 1.36% and 1.21% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Higher By 0.95%; All 11 Sectors Are Trading In Green        

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 higher in their previous session. NASDAQ Composite, NASDAQ-100, Dow jones, and S&P 500 ended higher by 0.18%, 0.06%, 0.62%, and 0.24%, respectively.

2. The dollar's value weakened on Monday, anticipating upcoming U.S. data revealing reduced inflationary pressures. However, ING cautions against pursuing a further decline in the dollar, as Treasury yields may have additional potential to rise. This comes when expectations for a dovish Federal Reserve are reaching their limit.

3. In Asian trading on Tuesday, gold prices remained relatively unchanged, with investors eagerly awaiting further signals regarding U.S. monetary policy and inflation for the week. Meanwhile, copper edged higher as there were expectations of increased government spending in China, a significant importer of the metal.

4. On Monday, the Dow Jones Industrial Average ended the day with gains, recovering from a previous decline last week. Investors were anticipating important economic data scheduled to be released later in the week, which is expected to indicate a deceleration in inflation. This data comes ahead of the upcoming monetary policy meeting of the Federal Reserve later this month.

5. The Hang Seng and FTSE 100 is up by 0.62% and 0.23%.

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