Global Factors influencing ASX stocks on 16 June 2023

On 16 June 2023, at AEST 11:10 AM, the benchmark index S&P/ASX 200 is trading up today, gaining 37.60 points or 0.52%, and is currently trading at 7,205.20 levels. All 11 sectors are trading higher along with the S&P/ASX 200. The Utilities and Energy sectors were the top 2 gaining sectors, gaining 2.61% and 1.47% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Higher By 0.43%; AGL Energy Rallying By More Than 14%

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, S&P 500, NASDAQ-100, and Dow jones ended higher by 1.15%, 1.22%, 1.20%, and 1.26% respectively.

2. In the early trading session on Friday, oil prices slightly declined, temporarily halting the significant gains seen in the previous session. The surge in futures was driven by positive expectations regarding increased energy demand from China, the leading importer of crude oil.

3. Sources involved in policy discussions have indicated that China intends to implement additional stimulus measures to bolster its slowing economy. However, there are apprehensions regarding debt levels and capital outflows, which will result in measures specifically aimed at strengthening the consumer and private sectors with weak demand.

4. Gold prices moved little today as markets weighed contrasting expectations for more rate hikes from the Federal Reserve, while copper was set for a strong weekly finish on more stimulus measures from top importer China.

5. The Hang Seng and FTSE 100 is up 2.17% and 0.34%.

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