Global Factors influencing ASX stocks on 17 July 2023

On 17 July 2023, at AEST 11:15 AM, the benchmark index S&P/ASX 200 is trading down today, declining 7.10 points or 0.10%, and is currently trading at 7,296.00 levels. Out of 11 sectors, 7 sectors are trading lower along with the S&P/ASX 200. The Consumer Staples and Energy sectors were the top 2 declining sectors, declining 1.01% and 0.98% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Lower By 0.09%; EDV And IGO Shares Are Declining The Most      

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

1. Key U.S. indices ended mixed in their previous session. NASDAQ Composite, NASDAQ-100, S&P 500 ended lower by 0.18%, 0.04%, 0.10%, and Dow jones ended higher by 0.33%, respectively.

2. The battered US dollar stabilized after its worst weekly drop of the year, as traders paused for upcoming economic data, policy decisions, and central bank meetings while awaiting Chinese growth data and US retail sales.

3. On Monday, Asian shares began the day with a restrained tone as investors prepared for a series of Chinese economic data releases, which may potentially disappoint. The Chinese economy is expected to have expanded by a mere 0.5% in the second quarter, although the annual growth rate is projected to reach 7.3%, reflecting favourable base effects.

4. During Sunday evening's trading, U.S. stock futures remained within a narrow range, following a significant surge in major benchmark indices in the previous week. Market participants are eagerly anticipating corporate earnings reports from major tech companies.

5. The Hang Seng is up by 0.33% and FTSE 100 is down by 0.08%.

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