Global Factors influencing ASX stocks on 28 June 2023

On 28 June 2023, at AEST 11:15 AM, the benchmark index S&P/ASX 200 is trading up today, gaining 48.00 points or 0.67%, and is currently trading at 7,166.80 levels. Out of 11 sectors, 10 sectors are trading higher along with the S&P/ASX 200. The Consumer Discretionary and Information Technology sectors were the top 2 gaining sectors, gaining 1.42% and 0.98% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Higher By 0.64%; Tracking Wall Street Gains

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, S&P 500, NASDAQ-100, and Dow jones ended higher by 1.65%, 1.15%, 1.75%, and 0.63% respectively.

2. According to a preliminary report by the petroleum industry group API, it is anticipated that U.S. crude stocks declined during the previous week, along with a probable decrease in gasoline inventories. However, inventories of distillates are expected to have increased. This information precedes the release of the official inventory data.

3. Gold prices experienced, yet another decline as concerns of the Federal Reserve raising interest rates resurfaced. The front-month August gold contract on the New York Comex closed at US$1,933.80 per ounce, showing a US$10 drop or a 0.5% decrease for the day. During the session, gold hit a low of US$1,920.45, nearly reaching the three-month low of US$1,919.85 recorded on the previous Friday.

4. On Tuesday, the dollar index declined as several economic data releases suggested the U.S. economy is robust and not on the verge of a recession. Meanwhile, the euro gained strength following comments made by European Central Bank (ECB) President Christine Lagarde.

5. The Hang Seng and FTSE 100 is up by 1.88% and 0.11%.

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