Global Factors influencing ASX stocks on 17 April 2023

On 17 April 2023, at AEST 11:35 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 24.00 points or 0.33%, and is currently trading at 7,385.80 levels. Out of 11 sectors, 9 sectors are trading higher along with the S&P/ASX 200. The Financial and Consumer Discretionary were the top 2 gaining sectors, gaining 1.16% and 0.95% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Higher By 0.30%; 10 Out Of 11 Sectors Are Trading In Green

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 lower in their previous session. NASDAQ Composite and NASDAQ-100, Dow jones and S&P 500 ended lower 0.35%, 0.23%, 0.42% and 0.21% respectively.

2. Natural gas futures outperformed the odds in the previous session, rallying to a positive weekly close after five weeks in the red.

3. Oil prices rose in the previous session, securing a fourth week of gains after the West's energy agency predicted that global demand would reach a new high this year due to a rebound in Chinese consumption.

4. The gold rise comes to a halt with a 2% decrease in the previous session as the Fed Governor forecasts additional rate hikes.

5. The dollar index bounced off a one-year low against a basket of currencies the previous session after some March retail sales components were not as weak as some economists had feared. A key Federal Reserve official warned that the US central bank needs to continue hiking interest rates to bring inflation down.

6. The Hang Seng is up 0.46% and FTSE 100 is up 0.36%.

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