Global Factors influencing ASX stocks on 28 February 2023

On 28 February 2023, at AEDT 01:20 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 37.80 points or 0.52%, and is currently trading at 7,262.60 levels. Out of 11 sectors, 8 sectors are trading higher along with the S&P/ASX 200. The Energy and Materials are the top 2 gaining sectors, gaining 1.70% and 1.38% in their index values.

Also read-: Mid-Market: S&P/ASX 200 Trading Higher By 0.59%; Buoyed By Energy And Materials 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 industrial and S&P 500 gained 0.63%, 0.74%, 0.22% and 0.31% respectively.

2. Australian retail sales rose in January following a surprising drop in December, owing largely to shifting spending habits. However, the underlying economy was experiencing headwinds from high inflation and increasing interest rates.

3. New Zealand's business confidence increased in February, as all other activity indicaors. However, many remain at very low levels relative to historical norms due to significant inflationary pressures.

4. Japan's factory production fell at the sharpest rate in eight months in January, as falling foreign demand weighed heavily on important industries such as automakers and the semiconductor equipment industry.

5. The pound stayed firm today, preserving overnight gains after Britain reached a new trade agreement with the European Union, which brightened the outlook for the UK economy post-Brexit and signalled warmer ties between London and the union.

6. The Hang Seng is up 0.72% and FTSE 100 is up by 0.72%.

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