Global Factors influencing ASX stocks on 18 May 2023

On 18 May 2023, at AEST 11:35 AM, the benchmark index S&P/ASX 200 is trading up today, gaining 27.90 points or 0.39%, and is currently trading at 7,227.10 levels. Out of 11 sectors, 9 sectors are trading higher along with the S&P/ASX 200. The Information Technology and Materials sectors were the top 2 gaining sectors, gaining 2.42% and 1.33% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Higher By 0.61%; NUF Rallied By More Than 12%

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, S&P 500, and Dow jones ended higher by 1.28%, 1.22%, 1.19%, and 1.24% respectively.

2. Gold prices moved little in Asian trade today, lingering from heavy losses this week as investors expected more signs on the US economy and monetary policy, while copper prices rebounded from a five-month low on some improved optimism.

3. Oil prices fell slightly on Thursday, easing on concerns about ample supply after jumping over 3% the previous day.

4. As part of the Brexit arrangements, the EU committed to formalise cooperation among banking watchdogs. That, however, was suspended in Brussels as a result of differences between the EU and Britain about Northern Ireland, which are now settled through the Windsor Framework.

5. The Hang Seng and FTSE 100 is down 2.09%, 0.36% respectively.

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