Global Factors influencing ASX stocks on 23 February 2023

On 23 February 2023, at AEDT 01:15 PM, the benchmark index S&P/ASX 200 is trading lower today, declining 25.40 points or 0.35%, and is currently trading at 7,289.10 levels. Out of 11 sectors, 4 sectors are trading lower along with the S&P/ASX 200. The Materials and Consumer Staples were the top 2 declining sectors, declining 1.41% and 1.24% in their index values.

Also read-: Mid-Market: S&P/ASX 200 Trading Lower By 0.27%; Dragged Down By Materials 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 higher and some are ended lower in their previous session. NASDAQ Composite, NASDAQ-100 gained 0.13% and 0.05% respectively, and Dow industrial and S&P 500 declined 0.26% and 0.16% respectively.

2. Gold prices slightly changed today as the dollar touched a six-week high on worries of a hawkish Federal Reserve, with a focus now shifting to impending economic data for more clues on the US economy and monetary policy.

3. South Korea's central bank kept interest rates unchanged, meeting market forecasts and stopping a year-long streak of increases.

4. Oil sustained its year-long losing streak as Federal Reserve minutes reaffirmed the bank's hawkish view and heightened fears that further monetary tightening could weaken energy demand.

5. The dollar was at a seven-week high against the euro and the Australian currency today, as expectations that the Federal Reserve will continue on its aggressive rate-hike path.

6. The Hang Seng is up 0.17% and FTSE 100 is down by 0.59%.

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