Global Factors influencing ASX stocks on 16 March 2023

On 16 March 2023, at AEDT 12:58 PM, the benchmark index S&P/ASX 200 is trading lower today, declining 105.70 points or 1.50%, and is currently trading at 6,963.20 levels. Out of 11 sectors, 10 sectors are trading lower along with the S&P/ASX 200. The Energy and Materials were the top 2 declining sectors, declining 3.90% and 2.87% in their index values.

Also read-: Mid-Market: S&P/ASX 200 Trading Lower By 1.85%; All 11 Sectors Are In Red

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

1. Some of the key U.S. indices ended higher, and some ended lower in their previous session. NASDAQ Composite and NASDAQ-100 gained 0.05% and 0.42%, respectively, and Dow Jones and S&P 500 declined by 0.87% and 0.70% respectively.

2. Oil prices fell about 5% in the previous session, settling at the lowest levels in more than a year, on fears that a banking sector confidence crisis might spark a recession and reduce demand.

3. Gold held its US$1,900 perch in the previous session, reaching a fresh six-week high as the U.S. financial crisis became worldwide, with renewed attention on the problematic finances of top European investment bank Credit Suisse.

4. Japan's exports increased 6.5% year on year in February, according to Ministry of Finance figures released on Thursday.

5. New Zealand's economic growth fell short of forecasts in the fourth quarter, with GDP contracting as a result of a significant hike in interest rates and rising inflation.

6. The Hang Seng is down 1.54% and FTSE 100 is down by 3.83%.

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