Global Factors influencing ASX stocks on 24 April 2023

On 24 April 2023, at AEST 11:56 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 5.30 points or 0.07%, and is currently trading at 7,325.10 levels. Out of 11 sectors 2 are trading lower along with the S&P/ASX 200. The Materials and Energy were the top 2 declining sectors, declining 2.13% and 0.72% in their index values.

Also read Mid-Market S&P/ASX 200 Trading Lower By 0.16%; Dragged Down By Material 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 in their previous session. NASDAQ Composite ended higher, NASDAQ-100, Dow jones and S&P 500 ended lower 0.11%, 0.07%, 0.09%, 0.11% respectively.

2. Gold prices increased slightly on Monday following previous declines, but they remained under pressure as concerns about a potential Federal Reserve interest rate hike dampened demand for the yellow metal.

3. The US dollar was little changed to slightly higher than major currencies in the previous session. The Federal Reserve was expected to raise interest rates by another 25 basis points at its policy meeting next month.

4. Asian stocks began cautiously on Monday, ahead of a week packed with economic data, central bank meetings, and results from the tech titans that have kept the S&P 500 afloat so far this year.

5. Oil prices rose in the previous session on solid economic statistics from the eurozone and the United Kingdom. Still, futures dipped for the week as the interest rate and demand uncertainties weighed.

6. The Hang Seng is down 1.57 % and FTSE 100 is up 0.15%.

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