Global Factors influencing ASX stocks on 28 March 2023

On 28 March 2023, at AEDT 12:40 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 80.10 points or 1.15%, and is currently trading at 7,042.10 levels. Out of 11 sectors, 8 sectors are trading higher along with the S&P/ASX 200. The Energy and Materials were the top 2 gaining sectors, gaining 3.72% and 2.23% in their index values.

Also read Mid-Market: S&P/ASX 200 Trading Higher By 1.06%; Buoyed By Energy And Materials Sectors

On that note, let us look at a few global reasons impacting the stock market today:

1. Some of the key U.S. indices ended lower and some ended higher in their previous session. NASDAQ Composite and NASDAQ-100 declined 0.47% and 0.74% respectively and Dow Jones and S&P 500 gained 0.60%, 0.16% respectively.

2. Oil prices jumped more than $3 in the previous session as a stoppage in certain shipments from Iraq's Kurdistan region heightened concerns about oil supply, but a U.S. banker takeover alleviated concerns that financial upheaval would harm the economy and reduce fuel consumption.

3. Rising food costs in the United Kingdom boosted annual inflation in British stores to its highest level in at least 18 years in March, according to industry statistics released on Tuesday.

4. The pound kept its gains against the dollar in the previous session as Bank of England Governor Andrew Bailey stated that inflation was still the major driver of monetary policy choices in the aftermath of the financial crisis.

5. Australian retail sales eked out a modest rise in February, showing buyers are limiting their spending in the face of rising living expenses and borrowing rates.

6. The Hang Seng is down 1.75%, and FTSE 100 is up by 0.90%.

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