Global Factors influencing ASX stocks on 29 June 2023

On 29 June 2023, at AEST 11:15 AM, the benchmark index S&P/ASX 200 is trading up today, gaining 23.90 points or 0.33%, and is currently trading at 7,220.40 levels. Out of 11 sectors, 5 sectors are trading higher along with the S&P/ASX 200. The Information Technology and Financial sectors were the top 2 gaining sectors, gaining 1.68% and 0.87% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Higher By 0.23%; Gained By IT And Financials 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 mixed in their previous session. NASDAQ Composite, NASDAQ-100, ended higher by 0.27% and 0.12%, Dow jones and S&P 500 ended lower by 0.22% and 0.04%, respectively.

2. On Thursday, gold prices reached their lowest point in three months, facing downward pressure due to the dollar's resurgence and rising Treasury yields following Federal Reserve Chair Jerome Powell's indication of possible future interest rate increases.

3. The Federal Reserve has announced that the annual stress tests conducted on banks have been successfully cleared, affirming their ability to withstand a severe economic downturn. In the hypothetical scenario tested by the regulator, all 23 banks examined maintained capital levels above the minimum requirements, despite an estimated total loss of US$541 billion.

4. The interim head of Newcrest, a gold mining company, emphasized the pressing need for regulators to expedite the approval processes for new mines and accompanying renewable energy projects. This expedited action is crucial to ensure a steady supply of minerals necessary for mitigating climate change, as stated by the company's interim head on Thursday.

5. The Hang Seng and FTSE 100 is up by 0.12% and 0.52%.

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