Global Factors influencing ASX stocks on 12 July 2023

On 12 July 2023, at AEST 11:25 AM, the benchmark index S&P/ASX 200 is trading up today, gaining 37.80 points or 0.53%, and is currently trading at 7,146.70 levels. Out of 11 sectors, 9 are trading higher along with the S&P/ASX 200. The Energy and A-REIT sectors were the top 2 gaining sectors, gaining 1.74% and 1.07% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Higher By 0.41%; Buoyed By Energy And Materials Sectors            

On that note, let us look at a few global reasons impacting the stock market today:

1. Key U.S. indices ended higher in their previous session. NASDAQ Composite, NASDAQ-100, Dow jones, and S&P 500 ended higher by 0.55%, 0.49%, 0.93%, and 0.67%, respectively.

2. According to a preliminary report by the petroleum industry group API, it is expected that U.S. crude stocks increased last week, along with higher inventories of gasoline and distillates. This report precedes the release of official inventory data.

3. Gold prices experienced a slight increase on Wednesday, remaining near a three-week high. Market speculation suggests that the Federal Reserve is nearing peak interest rates, shifting attention to forthcoming consumer inflation data.

4. Data released on Wednesday revealed that Japan's wholesale inflation decelerated for the sixth consecutive month in June. This can be attributed to declining fuel and commodity prices, indicating a gradual alleviation of cost-push pressure that had previously driven up consumer prices.

5. The Hang Seng and FTSE 100 is up by 0.97% and 0.12%.

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