Global Factors influencing ASX stocks on 25 July 2023

On 25 July 2023, at AEST 11:25 AM, the benchmark index S&P/ASX 200 is trading up today, ganing 21.10 points or 0.29%, and is currently trading at 7,327.50 levels. Out of 11 sectors, 6 sectors are trading higher along with the S&P/ASX 200. The Materials and Energy sectors were the top 2 gaining sectors, up by 1.40% and 0.96% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Higher By 0.31%; Lifted By Materials And Energy Sectors

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, NASDAQ-100, Dow jones and S&P 500 ended higher by 0.19%, 0.14%, 0.52% and 0.40% respectively.

2. On Tuesday, oil prices inched up, continuing the upward trend from the previous session. The market reacted positively to indications of reduced supplies and reassurances from Chinese authorities about their commitment to strengthen the world's second-largest economy, which boosted overall market sentiment.

3. On Monday, Canada unveiled a framework to eliminate inefficient fossil fuel subsidies, becoming the first G20 country to fulfill its 2009 commitment to rationalize and gradually phase out government support for the fossil fuel sector.

4. On Monday, the Dow continued its winning streak, achieving an eleventh consecutive gain, buoyed by a surge in energy stocks. Investors were still processing the positive quarterly results of major tech companies and eagerly awaiting the Federal Reserve's decision later in the week.

5. The Hang Seng is down by 2.13% and FTSE 100 is up by 0.19%.

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