Global Factors influencing ASX stocks on 23 May 2023

On 23 May 2023, at AEST 11:01 AM, the benchmark index S&P/ASX 200 is trading up today, gaining 7.80 points or 0.11%, and is currently trading at 7,271.10 levels. Out of 11 sectors, 9 sectors are trading higher along with the S&P/ASX 200. The Energy and Healthcare sectors were the top 2 gaining sectors, gaining 1.29% and 0.56% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Higher By 0.20%; Weighed down by Consumer Staples

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 mixed in their previous session. NASDAQ Composite, NASDAQ-100 and S&P 500 ended higher by 0.50%, 0.34%, and 0.02% and Dow jones closed lower 0.42% respectively.

2. Gold prices fell on Tuesday, reversing a brief comeback as markets remained focused on talks to raise the United States' spending cap, while copper prices held steady after suffering severe losses in recent days.

3. China's ban on the use of US-based Micron Technology chips in some industries, announced on Sunday, is a harsh reminder of the risks confronting the global semiconductor industry as it braces for rising Sino-US trade hostilities.

4. The US Treasury Department reiterated Monday that it expects to be able to pay the US government's obligations only until June 1 without a debt ceiling increase, leaving only 10 days for White House negotiators and congressional Republicans to reach an agreement.

5. The Hang Seng and FTSE 100 are up 1.17%, and 0.18% respectively.

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