Global Factors influencing ASX stocks on 11 May 2023

On 11 May 2023, at AEST 11:35 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 12.80 points or 0.18%, and is currently trading at 7,242.30 levels. Out of 11 sectors, 6 sectors are trading lower along with the ASX 200. The Information Technology and A-REIT sectors were the top 2 gaining sectors, gaining 0.62% and 0.44% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Lower By 0.06%; More Sectors Are 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 mixed in their previous session. NASDAQ Composite, NASDAQ-100 and S&P 500 ended higher by 1.04%, 1.11%, and 0.45% and Dow jones closed lower 0.09% respectively.
2. Early Asian trading on Thursday saw an increase in oil prices as strong demand for gasoline in the U.S. overshadowed worries that the world's largest consumer and producer of oil could go into default.
3. Gold prices steadied today, while copper prices nursed steep losses as data showed that U.S. inflation eased slightly in April but remained relatively sticky, pointing to a potentially hawkish outlook from the Federal Reserve. 
4. U.S. President Joe Biden urged Republican lawmakers on Wednesday to act fast to extend the nation's US$31.4 trillion debt ceiling or risk plunging the country's economy into a downturn that would eliminate thousands of jobs.
5. As statistics revealed that U.S. inflation fell slightly in April but remained relatively sticky, signalling to a possible hawkish outlook from the Federal Reserve, old prices stabilised in early trade on Thursday but copper prices suffered sharp losses.
6. The Hang Seng and FTSE 100 is down  0.5% and 0.2% respectively.

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