Global Factors influencing ASX stocks on 14 September 2023

On 14 September 2023, at AEST 10:28 AM, the benchmark index S&P/ASX 200 is trading up today, gaining 3.60 points or 0.05%, and is currently trading at 7,157.50 levels. Out of 11 sectors, 9 sectors are trading lower despite the gain in S&P/ASX 200. The Materials and Consumer Discretionary sectors were the top 2 declining sectors, down by 0.22% and 0.10% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Higher By 0.04%; Lifted by Utilities

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, S&P 500, NASDAQ-100 ended higher by 0.29%, 0.12%, 0.38%, while Dow jones ended lower by 0.20% respectively.

2. In Asian trading on Thursday, oil prices experienced a minor increase due to expectations of reduced supplies, which allowed traders to overlook worries about increasing U.S. inflation. Attention remained fixed on forthcoming economic data from both the U.S. and China.

During the previous session, crude oil prices stabilized following reports of slightly higher-than-anticipated U.S. consumer inflation in August. Analysts noted that this data didn't indicate a strong enough case for the Federal Reserve to consider another interest rate hike next week.

3. During overnight trading on Wednesday, U.S. stock futures remained stable, following a session where major benchmark indices displayed mixed performance. This occurred as traders analyzed new inflation data, increased yields, and a weakening technology sector rally. Looking ahead to Thursday's session, market participants will closely monitor Producer Price Index (PPI) data, retail sales figures, as well as business and retail inventories, in addition to keeping an eye on the Federal Reserve's balance sheet.

4. In August, Argentina's yearly inflation rate surged to 124.4%, reaching its highest point since 1991, exacerbating a severe cost-of-living crisis in the South American nation.

The unexpectedly steep price increases are compelling struggling consumers to navigate a daily challenge in search of bargains and more affordable alternatives. Price hikes vary significantly from one store to another, with sporadic discounts aimed at attracting shoppers.

5. The Hang Seng and FTSE 100 is down by 0.09% and 0.02%.

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