Global Factors influencing ASX stocks on 31 January 2023

On 31 January 2023, at AEDT 01:10 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 13.50 points or 0.18%, and is currently trading at 7,495.20 levels. Out of 11 sectors, 6 sectors are trading higher along with the S&P/ASX 200. The Consumer Staples and Health Care are the top 2 gaining sectors, gaining 1.84% and 0.78% in their index values.

Also read-: Mid-Market: S&P/ASX 200 Trading Higher By 0.25%; Despite Losses In Wall Street

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

1. Key U.S. indices ended lower in their previous session. NASDAQ Composite, NASDAQ-100, Dow industrial, and S&P 500 by 1.96%, 2.09%, 0.77%, and 1.30%, respectively.
2. Gold prices falls today, under pressure from a rising dollar, as investors remain cautious ahead of the Federal Reserve meeting this week.
3. Australia retail sales shrink more than expected in December, as consumers' ability to spend was constrained by increased living expenses and the perception that much of their holiday buying had already been done.
4. Japanese factories reduced production marginally in December, finishing a disappointing fourth quarter of 2022 for manufacturers hampered by stalled global demand and rising prices.
5. France plan to reform its costly pension system, including raising the retirement age, has enraged labour unions, prompting them to call for a second day of state-wide protests on Tuesday.
6. Hang Seng is down by 2.73%, and FTSE 100 is up by 0.25%.

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