Global Factors influencing ASX stocks on 21 June 2023

On 21 June 2023, at AEST 11:50 AM, the benchmark index S&P/ASX 200 is trading lower today, dropping 11.20 points or 0.15%, and is currently trading at 7,346.60 levels. Out of 11 sectors, 7 sectors are trading higher despite the decline in the S&P/ASX 200. The Information Technology and Telecommunications Services sectors were the top 2 gaining sectors, gaining 0.81% and 0.45% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Lower By 0.17%; Amid Losses Across Materials And Energy Sectors

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

1. Key U.S. indices ended lower in their previous session. NASDAQ Composite, S&P 500, NASDAQ-100, and Dow jones ended lower by 0.16%, 0.47%, 0.09%, and 0.72% respectively.

2. In prepared statements on Tuesday, Federal Reserve nominees Philip Jefferson and Governor Lisa D. Cook emphasized the importance of restoring inflation to the Federal Reserve's 2% target to ensure the sustainability of the ongoing economic expansion.

3. Oil prices weakened on Wednesday, extending falls to a third straight day, as the dollar strengthened on a U.S. housing market recovery while fears persisted that monetary stimulus may not be enough to revive growth in China.

4. On Wednesday, gold prices remained above the lowest in three months, experiencing significant declines in the previous session. Traders shifted their focus to the dollar in anticipation of further indications regarding U.S. interest rates.

5. The Hang Seng is down by 1.54% and FTSE 100 is up by 0.25%.

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