Global Factors influencing ASX stocks on 22 May 2023

On 22 May 2023, at AEST 10:58 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 5.80 points or 0.08%, and is currently trading at 7,273.70 levels. Out of 11 sectors, 7 sectors are trading lower along with the S&P/ASX 200. The Consumer Discretionary and Utilities sectors were the top 2 declining sectors, declining 0.73% and 0.38% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Lower By 0.35%; Dragged Down By A-REIT And Energy Sectors

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 lower in their previous session. NASDAQ Composite, NASDAQ-100, S&P 500, and Dow jones ended lower by 0.24%, 0.23%, 0.14%, and 0.33% closed lower respectively.

2. The International Energy Agency (IEA) Executive Director Fatih Birol stated that the IEA does not anticipate that actions taken by the Group of Seven countries to address the circumvention of price ceilings on Russian energy will alter the supply situation for crude oil and oil products.

3. U.S. stock futures were trading down on Sunday evening as traders observed ongoing debt ceiling negotiations in the United States, with President Joe Biden and House Speaker Kevin McCarthy due to continue talks later in Monday's session.

4. Key lending rates are anticipated to remain unchanged by the People's Bank of China on Monday as Asian markets weigh the ramifications of the G7's stance on China and the heated and unstable circumstances surrounding the U.S. debt ceiling stalemate in Washington.

5. The Hang Seng is down 1.40%, and FTSE 100 is up 0.19%.

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