Global Factors influencing ASX stocks on 16 February 2023

On 16 February 2023, at AEDT 12.18 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 69.50 points or 0.95%, and is currently trading at 7,421.70 levels. Out of 11 sectors,9 sectors are trading higher along with the S&P/ASX 200. The Consumer Discretionary and Information Technology Sectors were the top 2 gainers, with 2.35% and 1.91% growth in their index values.

Also Read:  Mid-Market: S&P/ASX 200 up 0.89%; Consumer Discretionary sector is the top gainer

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, Dow industrial and S&P 500 gained 0.92%, 0.77%, 0.11% and 0.28% respectively.

2. Japan's merchandise export growth slowed considerably in January owing to declining Chinese demand, resulting in the country's worst trade imbalance on record.

3. Australia's employment fell for the second month in a row in January, while the unemployment rate rose to its highest level since May of last year, a soft outcome that might reduce pressure for additional aggressive interest rate rises.

4. The U.S. Treasury Department will exhaust its ability to pay all its bills sometime between July and September unless the current AU$31.4 trillion cap on borrowing is raised or suspended.

5. The European Central Bank will boost its deposit rate at least twice more in the second quarter, raising the terminal rate to 3.25%.

6. Hang Seng is down by 1.43%, and FTSE 100 is up by 0.55%.

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