Global Factors influencing ASX stocks on 29 May 2023

On 29 May 2023, at AEST 11:40 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 74.60 points or 1.04%, and is currently trading at 7,229.40 levels. All 11 sectors are trading higher along with the S&P/ASX 200. The Materials and A-REIT sectors were the top 2 gaining sectors, gaining 1.90% and 1.89% in their index values.

Also read: Mid-Market: S&P/ASX 200 Trading Higher By 1.15%; All 11 Sectors Are In Green

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, S&P 500, and Dow jones ended higher by 2.19%, 2.58%, 1.30%, and 1.00% respectively.

2. US President Joe Biden and House Speaker Kevin McCarthy had reached an agreement to suspend the US$31.4 trillion debt ceiling until January 1, 2025, and that the agreement was ready for a vote in Congress.

3. Gold prices fell on today, extending a three-week losing streak, as robust inflation estimates lifted the currency and raised prospects of additional Fed rate hikes, while fears of a US government default subsided.

4. Oil prices jumped in early Asian trade on Monday as US officials negotiated a tentative debt ceiling agreement, potentially averting a default in the world's largest economy and oil user.

5. The Hang Seng is down 1.93%, and FTSE 100 is up 0.74%.

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