Global Factors influencing ASX stocks on 29 March 2023

On 29 March 2023, at AEDT 12:34 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 4.80 points or 0.07%, and is currently trading at 7,038.90 levels. Out of 11 sectors, 5 sectors are trading higher along with the S&P/ASX 200. The Materials and Energy were the top 2 gaining sectors, gaining 1.02% and 0.92% in their index values.

Also read Mid-Market: S&P/ASX 200 Trading Lower By 0.14%; Dragged Down By Financial And A-REIT 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 in their previous session. NASDAQ Composite and NASDAQ-100, Dow Jones and S&P 500 declined 0.45%, 0.49%, 0.12% and 0.16% respectively.

2. Crude oil prices closed higher in the previous session, extending the previous sessions' significant gains on supply disruption threats from Iraqi Kurdistan and expectations that banking sector upheaval is addressed.

3. Consumer sentiment in South Korea rose to its highest level in nine months in March, with inflation forecasts falling from a month earlier.

4. Australian consumer price index inflation decreased more than anticipated in February to an eight-month low, primarily due to lesser rises in housing and gasoline prices.

5. The US dollar declined against a basket of currencies for the second day in the previous session. Investors' desire for riskier currencies was reignited by lessening fears of a financial crisis.

6. The Hang Seng is up 1.11%, and the FTSE 100 is up by 0.17%.

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