Global Factors influencing ASX stocks on 16 January 2023

On 16 January 2023, at AEDT 12:20 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 55.40 points or 0.76%, and is currently trading at 7,383.50 levels. All 11 sectors are trading higher along with the S&P/ASX 200. The Information Technology and Industrials sectors are the top 2 gaining sectors, gaining 2.08% and 1.42% in their index values.

Also read-: Mid-Market: S&P/ASX 200 Trading Higher By 0.92%; All 11 Sectors Are Trading In Green

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

1. Some key U.S. indices ended higher in their previous session. NASDAQ Composite ended higher by 0.05 %, NASDAQ-100 closed higher by 0.71%, Dow industrial up by 0.33%, and S&P 500 ended higher by 0.40%.

2. The IMF says that a severe fragmentation of the global economy after decades of increasing economic integration could reduce global economic output by up to 7%. Still, the losses could reach 8-12% in some countries.

3. Gold prices gained around recent peaks today as investors locked in profits and exercised some caution ahead of a slew of major economic readings and central bank meetings from across the globe this week. 

4. Indonesia, the palm oil exporter, restricting shipments and boosting domestic biodiesel consumption, is set to squeeze global vegetable oil supplies.

5. Japan's wholesale prices rose by 10.2%, a faster-than-expected in December from a year earlier. The recent growing signs of inflation could keep the central bank under pressure to raise interest rates.

6. Hang Seng is up by 1.04%, and FTSE 100 is up by 0.64%.

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