Global Factors influencing ASX stocks on 24 March 2023

On 24 March 2023, at AEDT 12:40 PM, the benchmark index S&P/ASX 200 is trading lower today, declining 33.40 points or 0.48%, and is currently trading at 6,935.20 levels. Out of 11 sectors, 8 sectors are trading lower along with the S&P/ASX 200. The Financials and industrials are the top 2 declining sectors, declining 1.16% and 0.86% in their index values.

Also read Mid-Market: S&P/ASX 200 Trading Lower By 0.47%; Block Inc. Declining By 15%

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 and NASDAQ-100, Dow Jones and S&P 500 increased 1.01%, 1.29%, 0.23% and 0.30% respectively.

2. Oil prices fell 1% in the previous session, erasing early gains after U.S. Energy Secretary Jennifer Granholm informed Congress that replenishing the country's Strategic Petroleum Reserve (SPR) might take years.

3. Japan's manufacturing activity fell for the fifth consecutive month in March, as production and new orders remained under pressure.

4. British consumer confidence reached its highest level in a year this month, aided by improved economic mood and despite lingering concerns about personal finances.

5. The dollar reversed early losses in the previous session as the United States Federal Reserve seemed close to calling a moratorium on interest rate hikes, while the Swiss National Bank and the Bank of England pressed forward with more rate hikes.

6. The Hang Seng is up 2.34%, and the FTSE 100 is down by 0.89%.

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