Global Factors influencing ASX stocks on 11 September 2023

On 11 September 2023, at AEST 10:31 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 12.20 points or 0.17%, and is currently trading at 7,144.50 levels. Out of 11 sectors, 7 sectors are trading higher despite the decline in S&P/ASX 200. The Materials and Consumer Staples sectors were the top 2 gaining sectors, up by 0.20% and 0.15% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Lower By 0.19%; Dragged Down by Materials

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, S&P 500, NASDAQ-100, and Dow jones ended higher by 0.09%, 0.14%, 0.14%, and 0.22% respectively.

2. U.S. stock futures showed minimal movement in Sunday night trading after a week of losses in benchmark averages. Investors are eagerly anticipating upcoming CPI and PPI inflation data releases scheduled for the week.

3. Canada's Housing Minister, Sean Fraser, is exploring a diverse set of possibilities to address the housing crisis in the nation, as reported by CBC on Sunday. In an interview with CBC, Fraser stated, "They are currently considering various incentives, which might encompass potential tax incentives to encourage construction by builders, as well as exploring alternative low-cost financing arrangements."

4. In the upcoming Asian market opening on Monday, there is an air of unease as concerns grow that the recent stock market decline might intensify. Financial conditions are tightening, and investors are preparing for a barrage of economic data from China during the week. Despite the G20 summit in India, there doesn't appear to be any immediate market influence, and trading influenced by political factors is expected to be predominantly centered on U.S.-China tensions.

5. The Hang Seng is down by 1.34% and FTSE 100 is up by 0.49%.

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