Global Factors influencing ASX stocks on 19 May 2023

On 19 May 2023, at AEST 11:55 AM, the benchmark index S&P/ASX 200 is trading up today, gaining 35.70 points or 0.49%, and is currently trading at 7272.50 levels. Out of 11 sectors, 9 sectors are trading higher along with the S&P/ASX 200. The Information Technology and Financial sectors were the top 2 gaining sectors, gaining 2.32% and 1.07% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Higher By 0.49%; Mirroring Wall Street Rally

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 higher in their previous session. NASDAQ Composite, NASDAQ-100, S&P 500, and Dow jones ended higher by 1.51%, 1.81%, and 0.94%, and 0.34% respectively.

2. Gold prices were quiet today after falling considerably below critical levels this week as traders dumped safe havens as optimism about a US debt deal improved, with the attention now shifting to further Federal Reserve monetary policy clues.

3. Inflation in the Japanese consumer price index increased in April as anticipated, heading back towards 40-year highs after a respite in the first quarter and indicating increasing pressure on the Bank of Japan to eventually tighten policy this year.

4. The United States and Taiwan have struck an agreement on the first phase of their "21st Century" trade initiative, which covers customs and border procedures, regulatory practises, and small businesses, according to the US Trade Representative's office on Thursday.

5. The Hang Seng, and FTSE 100 is up 0.85%, and 0.25%.

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