Global Factors influencing ASX stocks on 17 January 2023

On 17 January 2023, at AEDT 12:30 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 1.90 points or 0.03%, and is currently trading at 7,390.10 levels. Out of 11 sectors, 7 sectors are trading higher along with the S&P/ASX 200. The Health Care and Consumer Staples are the top 2 gaining sectors, gaining 1.73% and 1.45% in their index values.

Also read-: Mid-Market: S&P/ASX 200 Marginally Higher By 0.08%; Led By Healthcare Sector

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, NASDAQ-100, Dow industrial, and S&P 500 gained by 0.71%, 0.71%, 0.33% and 0.40%, respectively.

2. Gold prices are trading around eight-month highs today, having caught in a tight range in recent sessions as investors awaited more signals from a slew of economic data due this week, with a particular focus on any signs of a recession.

3. Australian consumer sentiment improved more in January, as consumers welcomed a brief respite from the Reserve Bank’s interest rate hikes, although the overall picture of the economy remained negative.

4. New Zealand's business confidence hit its lowest level since 1974 as companies grapple with higher interest rates, cost pressures, and weak demand.

5. Malaysia's central bank will hike rates in the fifth consecutive quarter on Thursday to keep high inflation under check and support a struggling currency.

6. China's economy is anticipated to have decelerated sharply in the fourth quarter due to severe COVID curbs, dragging down 2022 growth to one of its poorest in nearly half a century.

7. Hang Seng is up by 0.04%, and FTSE 100 is up by 0.20%.

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