Global Factors influencing ASX stocks on 31 March 2023

On 31 March 2023, at AEDT 12:39 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 54.10 points or 0.76%, and is currently trading at 7,176.40 levels. Out of 11 sectors 10 sectors are trading higher along with the S&P/ASX 200. The Materials and Information Technology were the top 2 gaining sectors, gaining 1.57% and 0.75% in their index values.

Also read Mid-Market: S&P/ASX 200 Trading Higher By 0.71%; Led By Materials And A-REIT Sectors

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 and NASDAQ-100, Dow Jones and S&P 500 gained 0.73%, 0.91%, 0.43% and 0.57% respectively.

2. U.S. natural gas prices dropped 4% in the previous session, approaching the crucial $2 support level once more as the fuel's weekly draw statistics from storage turned out to be lower than anticipated.

3. Consumer price index inflation in Japan's capital declined somewhat less than predicted in March, as the impact of government subsidies on electricity prices was mainly offset by strong rises in the prices of most other commodities.

4. South Korea's industrial output fell dramatically in February, but retail sales returned impressively from a deficit in January, according to figures released on Friday, highlighting the trade-dependent economy's uneven recovery.

5. The US dollar declined to a one-week low versus the euro in the previous session as German inflation data boosted the single currency and fears over the banking sector subsided.

6. The Hang Seng is up 0.58%, and the FTSE 100 is up by 0.74%.

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