Global Factors influencing ASX stocks on 30 May 2023

On 30 May 2023, at AEST 11:35 AM, the benchmark index S&P/ASX 200 is trading higher today, gaining 3.90 points or 0.05%, and is currently trading at 7,221.30 levels. Out of 11 sectors, 6 sectors are trading higher along with the ASX 200. The Telecommunication and Utilities sectors were the top 2 gaining sectors, gaining 0.39% and 0.39% in their index values.

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 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. Gold prices slightly declined, remaining at more than two-month lows as prospects of additional Federal Reserve interest rate hikes fuelled dollar flows and optimism over a debt ceiling agreement.

3. A number of hard-right Republican legislators warned on Monday they would oppose a plan to raise the US$31.4 trillion debt ceiling, indicating that the bipartisan pact could face a bumpy path through Congress before the country runs out of money next week.

4. According to sources close to the situation, the Trinidad and Tobago government accepted bid recommendations for six out of eight onshore oil and gas exploration zones on Sunday, paving the way for awards to be announced as early as this week.

5. The Hang Seng is down 1.04%, and FTSE 100 is up 0.74%.

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