Global Factors influencing ASX stocks on 14 June 2023

On 14 June 2023, at AEST 12:25 PM, the benchmark index S&P/ASX 200 is trading up today, gaining 16.30 points or 0.23%, and is currently trading at 7,155.20 levels. Out of 11 sectors, 9 sectors are trading higher along with the S&P/ASX 200. The Materials and A-REIT sectors were the top 2 gaining sectors, gaining 2.20% and 1.36% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Higher By 0.24%; Mirroring US Market

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 0.83%, 0.69%, 0.79%, and 0.43% respectively.

2. According to a report from the American Petroleum Institute (API) on Wednesday, it is anticipated that U.S. crude stockpiles, as well as inventories of fuel, have increased over the past week. This report aligns with market expectations of overall growth in oil inventories.

3. After experiencing three consecutive days of losses, gold prices showed minimal movement on Wednesday as investors awaited further indications from the conclusion of a Federal Reserve meeting scheduled for later in the day. On the other hand, copper prices received a boost following an interest rate reduction in China.

4. On Wednesday, oil prices saw a slight increase following the release of industry data that revealed an unforeseen uptick in U.S. crude inventories. This development further indicated weak demand, which added to existing concerns in the market regarding a potential recession and disappointing economic data from China.

5. The Hang Seng and FTSE 100 is up 0.13% and 0.32%.

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