Global Factors influencing ASX stocks on 19 July 2023

On 19 July 2023, at AEST 12:10 PM, the benchmark index S&P/ASX 200 is trading up today, gaining 43.10 points or 0.59%, and is currently trading at 7,326.90 levels. Out of 11 sectors, 9 sectors are trading higher along with the S&P/ASX 200. The Energy and Financial sectors were the top 2 gaining sectors, gaining 1.28% and 1.19% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Lower By 0.58%; Mirroring Wall Street Gains

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 0.76%, 0.82%, 0.71%, and 1.06%, respectively.

2. On Wednesday, global oil prices experienced an increase driven by China's commitment to bolster economic growth, reduced supply from Russia, and a decline in weekly U.S. crude oil inventories.

3. Gold bulls were shaken out of their optimism on Tuesday, causing the price of the precious metal to rise for the first time in almost a week and reach its highest level in seven weeks. This upswing was prompted by signals from the European and Canadian central banks, indicating successful efforts in combating inflation.

4. According to a preliminary report released by the American Petroleum Institute (API) on Wednesday, it is expected that U.S. crude oil stocks experienced a decline last week. The report also indicates decreases in inventories of gasoline and distillates. These findings come ahead of the release of the official inventory data.

5. The Hang Seng is down by 2.05% and FTSE 100 is up by 0.64%.

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