Global Factors influencing ASX stocks on 13 July 2023

On 13 July 2023, at AEST 11:20 AM, the benchmark index S&P/ASX 200 is trading up today, gaining 104.10 points or 1.46%, and is currently trading at 7,239.80 levels. All 11 sectors are trading higher along with the S&P/ASX 200. The A-REIT and Consumer Discretionary sectors were the top 2 gaining sectors, gaining 2.05% and 1.85% in their index values.

Also read: Mid-Market: S&P/ASX 200 Rallying Today By 1.39%; Mirroring US Market Gains        

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 1.15%, 1.24%, 0.25%, and 0.74%, respectively.

2. On Wednesday, despite initially gaining ground, the Dow ultimately closed higher, driven by a decrease in Treasury yields following the release of data indicating that inflation had risen at the slowest pace in over two years. This development also led to a surge in the technology sector, fuelled by optimism that the anticipated rate hike later this month might mark the conclusion of such increases.

3. Wednesday saw a strong finish for U.S. stocks, with the Nasdaq leading the way with a gain of over 1%. This surge was driven by a report indicating a further decline in inflation, as consumer prices experienced their smallest annual rise in over two years.

4. On Thursday, gold prices stabilized close to their one-month highs. This was attributed to the release of U.S. inflation data that fell short of expectations, leading to speculations of a more moderate approach by the Federal Reserve. Meanwhile, copper experienced a boost due to the anticipation of additional stimulus measures in China, a significant importer of the metal.

5. The Hang Seng and FTSE 100 is up by 1.08% and 1.83%.

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