Global Factors influencing ASX stocks on 12 May 2023

On 12 May 2023, at AEST 12:35 PM, the benchmark index S&P/ASX 200 is trading lower today, declining 8.00 points or 0.11%, and is currently trading at 7,243.90 levels. Out of 11 sectors, 8 sectors are trading higher despite the decline in the S&P/ASX 200. The Materials and Energy sectors were the top 2 declining sectors, declining 1.24% and 0.90% in their index values.

Also read: Mid-Market: S&P/ASX 200 Marginally Lower By 0.05%; Dragging Down By Materials And Energy Sectors

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 ended higher by 0.18%, 0.31%, and Dow jones and S&P 500 closed lower 0.66%, and 0.17% respectively.

2. Gold prices held steady on Friday after reversing all of their gains this week as markets reassessed their expectations for Federal Reserve rate reduction in response to sticky U.S. inflation data.

3. The U.S. debt ceiling uncertainty and resurrected concerns for a regional banking crisis in the United States advances in the early Asian trading on Friday as traders covered short positions in anticipation of the weekend.

4. British lawmakers launched an investigation into the fairness of the country's food supply chain on Friday, seeking to understand why households are experiencing the highest levels of food price inflation since the 1970s.

5. The Hang Seng is up by 0.54%, and FTSE 100 is down by 0.14%.

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