Global Factors influencing ASX stocks on 17 May 2023

On 17 May 2023, at AEST 11:56 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 40.40 points or 0.56%, and is currently trading at 7,194.30 levels. Out of 11 sectors, 9 sectors are trading lower along with the S&P/ASX 200. The Materials and Financial sectors were the top 2 declining sectors, declining 1.06% and 0.74% in their index values.

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 mixed in their previous session. NASDAQ Composite, S&P 500, and Dow jones ended lower by 0.18%, 0.64%, and 1.01% and NASDAQ-100 higher by 0.09% respectively.

2. The United States' crude stockpiles increased last week, defying forecasts for a draw, while fuel demand increased, according to the petroleum industry group API, as oil bulls predicted a jump in energy demand ahead of the normal summer boom in road, air, and seaborne travel.

3. Gold prices fell below critical levels on today as concerns about the US debt ceiling prompted a rebound in the dollar and Treasury yields, while copper prices fell to more than five-month lows due to further negative economic signals from China.

4. Oil prices fell for a second day on Wednesday after a surprising increase in US crude stocks fueled demand fears, coming on the heels of weaker-than-expected economic statistics from the world's two largest oil customers, the United States and China.

5. The Hang Seng is up 0.04%, and FTSE 100 is down 0.34%.

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