Global Factors influencing ASX stocks on 12 April 2023

On 12 April 2023, at AEST 11:55 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 44.20 points or 0.60%, and is currently trading at 7,354.10 levels. Out of 11 sectors 9 sectors are trading higher along with the S&P/ASX 200. The Materials and Consumer Staples were the top 2 gaining sectors, gaining 2.05% and 1.25% in their index values.

Also read Mid-Market S&P/ASX 200 Trading Higher By 0.65%; CIA And NXT Are The Top Gainers

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 lower and some ended higher in their previous session. NASDAQ Composite and NASDAQ-100 ended lower 0.43%, 0.67% respectively and Dow jones ended higher 0.29% and S&P 500 closed flat.

2. After trading sideways or down for four consecutive days, oil rose in the previous session for the first time since speculators became enthused about fresh OPEC+ production curbs, with crude prices rising about 2% ahead of the release of weekly US inventory data.

3. The dollar declined in the previous session as investors awaited inflation data to see if price pressures were subsiding and what this meant for future Federal Reserve interest rate rises.

4. British house sales returned to within a fraction of pre-pandemic levels in March, marking a comeback from September, when former Prime Minister Liz Truss' failed economic plan created market upheaval.

5. China is set to abandon its demand that multilateral development banks share losses in sovereign debt restructurings for impoverished nations with foreign creditors, removing a significant impediment to debt relief.

6. The Hang Seng is down 0.02% and FTSE 100 is up 0.57%.

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