Global Factors influencing ASX stocks on 24 July 2023

On 24 July 2023, at AEST 10:44 AM, the benchmark index S&P/ASX 200 is trading up today, ganing 3.90 points or 0.05%, and is currently trading at 7,317.80 levels. Out of 11 sectors, 8 sectors are trading higher along with the S&P/ASX 200. The Energy and A-REIT sectors were the top 2 gaining sectors, up by 0.79% and 0.43% in their index values.

Also read:          

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 ended lower by 0.22%, 0.26%, Dow jones, S&P 500 ended higher by 0.01%, 0.03% respectively.

2. Gold prices experienced a minor decline on Monday due to investor caution at the start of the week, driven by expectations of an important Federal Reserve meeting. Meanwhile, copper prices suffered significant losses amid worries about reduced demand in China. The dollar's rebound before the Fed meeting added additional pressure to the metal markets, causing the greenback to distance itself from the 15-month lows observed earlier in July.

3. On Monday, Masato Kanda, Japan's leading currency diplomat, stated that recent inflation and wage increases have exceeded expectations, indicating that companies are adjusting their practices, which were previously built on the assumption of limited price hikes. Kanda informed reporters that the central bank is likely to raise its inflation projections during its two-day policy meeting, which concludes on Friday. However, he clarified that he could not offer specific remarks on monetary policy matters.

4. On Monday, Asian shares remained relatively stable as investors awaited a week filled with significant events, including earnings reports and central bank meetings. These meetings are expected to result in higher interest rates in Europe and the United States, and there is a possibility that the tightening cycle may come to an end in both regions.

5. The Hang Seng and FTSE 100 is up by 0.78% and 0.23%.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com