Global Factors influencing ASX stocks on 22 March 2023

On 22 March 2023, at AEDT 12:40 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 65.30 points or 0.94%, and is currently trading at 7,020.60 levels. Out of 11 sectors, 10 sectors are trading higher along with the S&P/ASX 200. The Energy and Financial are the top 2 gaining sectors, gaining 3.86% and 1.69% in their index values.

Also read Mid-Market: S&P/ASX 200 Trading Higher By 0.97%; Oil Prices Rebounded

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 and NASDAQ-100, Dow Jones and S&P 500 gained 1.58%, 1.42%, 0.98% and 1.30% respectively.

2. Oil prices gained more than 2% in the previous session, continuing a rebound from a 15-month bottom recorded the day before. Credit Suisse's bailout eased fears of a financial crisis, which would harm economic development and reduce fuel demand.

3. Gold has dropped from its $2,000 high as the financial crisis in the United States appears to be easing, and the Federal Reserve is anticipated to remain aggressive in its fight against inflation.

4. As the Swiss government decided to cancel the bonds issued by Credit Suisse as part of its acquisition agreement, Citigroup warned that Asian lenders would have trouble restocking their capital by issuing Additional Tier-1 (AT1) bonds.

5. Sterling and the dollar declined in the previous session as traders anticipated that banking stress might prevent interest rate increases from the Federal Reserve and the Bank of England later in the week.

6. The Hang Seng is up 1.36%, and the FTSE 100 is up by 1.79%.

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