Global Factors influencing ASX stocks on 16 May 2023

On 16 May 2023, at AEST 12:16 PM, the benchmark index S&P/ASX 200 is trading lower today, declining 12.90 points or 0.18%, and is currently trading at 7,254.20 levels. Out of 11 sectors, 8 sectors are trading lower along with the S&P/ASX 200. The Information Technology and A-REIT sectors were the top 2 declining sectors, declining 1.15% and 1.00% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Lower By 0.14%; Dragged Down By IT And Healthcare Sectors

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 in their previous session. NASDAQ Composite, NASDAQ-100, S&P 500 and Dow jones ended higher by 0.66%, 0.55%, 0.30% and 0.14% respectively.

2. Gold prices fell marginally in early Asian trade, as numerous Federal Reserve members warned that interest rates could climb further in the face of relatively high inflation and a robust labour market.

3. Oil prices increased today, as US intentions to acquire oil for the Strategic Petroleum Reserve (SPR) offered support, but raging wildfires in Canada fueled supply concerns.

4. Britons will confront the biggest tax-raising effort since the commencement of former Prime Minister Margaret Thatcher's stint in office in the coming years, as more people are forced to pay the highest income tax rate.

5. The Hang Seng and FTSE 100 are up by 0.72% and 0.30%.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com