Global Factors influencing ASX stocks on 15 August 2023

On 15 August 2023, at AEST 11:36 AM, the benchmark index S&P/ASX 200 is trading up today, gaining 31.10 points or 0.43%, and is currently trading at 7,308.10 levels. Out of 11 sectors, 7 sectors are trading higher along with the S&P/ASX 200. The Health Care and Information Technology sectors were the top 2 gaining sectors, up by 2.11% and 0.29% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Higher By 0.32%; Lake Resources Rallied By More Than 30%

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, S&P 500, and Dow jones ended higher by 1.05%, 1.18%, 0.58%, and 0.07% respectively.

2. Despite bank weakness, the Dow rose due to increased tech demand, propelled by Nvidia's surge. Anticipation of upcoming economic data for consumer insights contributed to the positive trend.

3. U.S. Steel shares prolonged their rally on Monday, as privately held company Esmark presented a US$7.80 billion all-cash offer for the firm, surpassing Cleveland-Cliffs' previously declined bid.

4. In April-June, Japan's economy grew for the third consecutive quarter, with robust exports counterbalancing the service sector's sluggish post-COVID recovery. However, the global economic uncertainties cast shadows on the future. Japan's gross domestic product (GDP) achieved an annualized growth of 6.0%, translating to a substantial quarterly increase of 1.5%, surpassing the anticipated 0.8% from a Reuters poll.

5. The Hang Seng and FTSE 100 is down by 1.58% and 0.23%.

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