Global Factors influencing ASX stocks on 27 January 2023

On 27 January 2023, at AEDT 01:10 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 32.30 points or 0.43%, and is currently trading at 7,500.60 levels. Out of 11 sectors, 9 sectors are trading higher along with the S&P/ASX 200. The Information Technology and Consumer Staples are the top 2 gaining sectors, gaining 1.75% and 1.04% in their index values.

Also read-: Mid-Market: S&P/ASX 200 Trading Higher By 0.35%; Mirroring Wall Street

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 industrial, and S&P 500 by 1.76%, 2.00%, 0.61% and 1.10%, respectively.
2. Oil prices edged marginally higher today, extending for a second session on strong U.S. economic data and strengthening hope that the reopening of the Chinese economy would boost demand.
3. Japan’s CPI inflation rose more than expected in January, which increases the chances of monetary tightening measures by the central bank.
4. Gold prices changed slightly today as the market awaited U.S. inflation data to gauge the Federal Reserve's rate-hike stance.
5. The Bank of Canada raised interest rates to 4.5pc and planned to hold. It expects to move to the sidelines and weigh the impact of its rapid tightening.
6. Hang Seng is up by 0.31%, and FTSE 100 is up by 0.21%.

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