Global Factors influencing ASX stocks on 17 February 2023

On 17 February 2023, at AEDT 01:20 PM, the benchmark index S&P/ASX 200 is trading lower today, declining 53.40 points or 0.72%, and is currently trading at 7,356.90 levels. Out of 11 sectors, 9 sectors are trading lower along with the S&P/ASX 200. The Information Technology and A-REIT were the top 2 declining sectors, declining 2.07% and 1.65% in their index values.

Also read-: Mid-Market: S&P/ASX 200 Trading Lower By 0.54%; Following Wall Street Losses

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

1. Key U.S. indices ended lower in their previous session. NASDAQ Composite, NASDAQ-100, Dow industrial and S&P 500 declined 1.78%, 1.93%, 1.26% and 1.38% respectively.

2. On Friday, Australia's top central banker reaffirmed that more interest rate hikes would be necessary for the coming months to guarantee that the country's sky-high inflation falls to the target range of 2%-3%.

3. Oil prices are falling and were on track for weekly losses as strong U.S. economic data heightened concern that the Federal Reserve will continue tight monetary policy to tackle inflation, which could hit fuel demand even as crude stockpiles grow.

4. Gold prices dropped today due to worries about more interest rate rises sparked by higher-than-anticipated U.S. inflation figures and aggressive remarks from Federal Reserve officials, while copper prices rose this week due to confidence in China.

5. Singapore's non-oil domestic exports (NODX) fell 25% year over year in January, with declines in electronic and non-electronic goods being the main contributors.

6. Hang Seng is up by 0.84%, and FTSE 100 is up by 0.18%.

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