Global Factors influencing ASX stocks on 23 January 2024

On 23 January 2024, at AEDT 11:50 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 48.50 points or 0.65%, and is currently trading at 7,525.10 levels. Out of 11 sectors, 10 sectors are trading higher along with the gain in the S&P/ASX 200. The Healthcare and Financials sectors are the top 2 gaining sectors, gaining 1.46% and 0.89% in their index values.

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, NASDAQ-100, Dow industrial, and S&P 500 gained 0.32%, 0.09%, 0.36%, and 0.22%, respectively.

2. Oil prices rose about 2% on Monday on concerns over global energy supplies following a Ukrainian drone strike on Russia's Novatek fuel terminal and as extreme cold weather continued to hamper U.S. crude production..

3. Bitcoin fell to a seven-week low on Monday, hovering below $40,000 for the first time since the launch of 11 spot bitcoin exchange-traded funds on Jan. 11.

4. Australian business conditions continued to soften in December as manufacturing and construction lost ground, a survey showed on Tuesday, while price pressures eased markedly in a promising sign for slower inflation.

5. Hang Seng is down by 2.27%, and FTSE 100 is up by 0.35%.

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