Global Factors influencing ASX stocks on 16 January 2024

On 16 January 2024, at AEDT 11:50 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 60.30 points or 0.80%, and is currently trading at 7,436.90 levels. All 11 sectors are trading lower along with the decline in the S&P/ASX 200. The Consumer Staples and Materials sectors are the top 2 declining sectors, declining 1.33% and 1.17% in their index values.

Also Read: Mid-Market: S&P/ASX 200 Sharply Lower By 0.91%; All 11 Sectors Are Trading In Red Zone

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

1. The US markets were closed in the previous session due to Martin Luther King Jr. Day.

2. Japan's wholesale inflation was flat in December from a year ago, underscoring the central bank's view that cost-push pressures from rising raw material prices will steadily dissipate.

3. Australian consumer sentiment deteriorated in early-January, a survey showed today, as signs of sticky inflation kept respondents on edge over more interest rate hikes and lower household savings.

4. Oil prices weakened slightly as the Middle East conflict's limited impact on crude output prompted profit taking after oil benchmarks gained 2% last week.

5. Iron ore prices tumbled again overnight, adding to a 6 per cent fall last week, on concerns about a weakening economy of top consumer China and heightened tensions in the Taiwan Strait and the Red Sea.

6. Hang Seng is down by 0.17%, and FTSE 100 is down by 0.39%.

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