Global Factors influencing ASX stocks on 23 March 2023

On 23 March 2023, at AEDT 12.36 PM, the benchmark index S&P/ASX 200 is trading lower today, declining 51.10 points or 0.73%, and is currently trading at 6,964.50 levels. Out of 11 sectors 10 sectors are trading lower along with the S&P/ASX 200. The Materials and Information Technology are the top 2 declining sectors, declining 1.35% and 1.33% in their index values.

Also read Mid-Market: S&P/ASX 200 Trading Lower By 0.86%; In Line With Wall Street

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 and NASDAQ-100, Dow Jones and S&P 500 declined 1.60%, 1.37%, 1.63% and 1.65% respectively.

2. Oil prices dropped on Thursday after three sessions of gains as U.S. Federal Reserve Chair Jerome Powell reiterated his commitment to containing inflation, including the likelihood of more interest rate increases.

3. China is anticipated to contribute almost 40% of the rise in global oil demand this year as its economy comes out of severe lockdowns, but the higher consumption won't bring prices back to levels seen in 2022.

4. The Bank of England is anticipated to hike interest rates for the 11th time in a row on Thursday after a surprising increase in inflation crushed hopes that it was ready to halt.

5. The dollar fell to a nearly seven-week low in the previous session after the Federal Reserve raised interest rates as predicted. However, some statement in the central bank's announcement suggested that interest rates were nearing their peak.

6. The Hang Seng is up 1.73%, and the FTSE 100 is up by 0.41%.

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