Global Factors influencing ASX stocks on 14 March 2023

On 14 March 2023, at AEDT 01:08 PM, the benchmark index S&P/ASX 200 is trading lower today, declining 149.60 points or 2.10%, and is currently trading at 6959.40 levels. All 11 sectors are trading lower along with the S&P/ASX 200. The Information Technology and Energy were the top 2 declining sectors, declining 3.87 and 3.26% in their index values.

Also read-: Mid-Market: S&P/ASX 200 Is Sharply Declining; On Contagion Fears After The Collapse Of Silicon Valley Bank

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 and some ended lower in their previous session. NASDAQ Composite and NASDAQ-100 ended higher 0.45% and 0.79% respectively and Dow Jones and S&P 500 declined 0.28%, 0.15% respectively.

2. Gold prices remained near a six-week high on today as investors sought traditional safe havens amid fears of a U.S. banking crisis, with attention now shifting to upcoming inflation data for more clues on monetary policy.

3. Shockwaves from Silicon Valley Bank's failure pounded global bank stocks even more on Tuesday, as assurances from President Joe Biden and other policymakers did little to calm markets and prompted a rethinking of interest rate expectations.

4. Consumer sentiment in Australia remained historically low in March, owing to concerns about inflation and interest rates.

5. Canada's tech startups face financing challenges due to Silicon Valley Bank's sudden collapse, putting them in the hands of domestic lenders who may be more selective in financing new ventures.

6. The Hang Seng is down 0.71% and FTSE 100 is down by 2.58%.

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