Global Factors influencing ASX stocks on 15 June 2023

On 15 June 2023, at AEST 11:20 AM, the benchmark index S&P/ASX 200 is trading up today, gaining 24.70 points or 0.34%, and is currently trading at 7,186.10 levels. Out of 11 sectors, 8 sectors are trading higher along with the S&P/ASX 200. The Information Technology and A-REIT sectors were the top 2 gaining sectors, gaining 1.15% and 1.14% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Higher By 0.41%; US FED Pause Lifting Rates

On that note, let us look at a few global reasons impacting the stock market today:

1. Key U.S. indices ended mixed in their previous session. NASDAQ Composite, S&P 500, NASDAQ-100 ended higher by 0.39%, 0.08%, 0.70%, Dow jones ended lower by 0.68% respectively.

2. On Wednesday, crude prices declined by nearly 2%, erasing a significant portion of their previous session's gains. This came in response to data revealing that crude stockpiles had increased seven times more than anticipated during the previous week.

3. Despite expectations for an unchanged interest rate, the Federal Reserve surprised many by adopting a more hawkish stance during its Wednesday meeting. In light of persistent inflation exceeding its target, the Federal Open Market Committee (FOMC) projected two additional rate hikes in the near future. The FOMC decided to maintain its benchmark rate within the range of 5% to 5.25%.

4. Due to a rapid series of interest rate hikes by the central bank and unfavorable weather conditions, New Zealand's economy experienced a contraction in the first quarter, leading to a technical recession. These factors negatively impacted local activity.

5. The Hang Seng is down 0.58% and FTSE 100 is up 0.10%.

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