1) Thai stock market overview
Thailand’s SET Index closed at 1,619.10 points, decreased 7.60 points or 0.47% with a trading value of 149 billion baht. The analyst stated that the Thai stock market fluctuated due to the uncertainties of the Russian and Ukraine situation. The market could rebound tomorrow after a two-day plummet, giving a support level at 1,600 points and a resistance level at 1,640 points.
2) Thailand may keep policy rate at historic low throughout 2022, says KSS
Thailand may keep its historic low benchmark interest rate throughout 2022 as headline inflation has risen to its highest level since October 2008, and the impact of the ongoing Ukraine crisis on oil prices is likely to push this further, said the Krungsri Research Center on Tuesday.
According to the Krungsri Research Center, inflationary pressures tend to elevate faster than projected, owing to rising commodity costs, with energy prices being particularly hard hit by the tensions in Eastern Europe. This is then adding to the headwinds blowing against the Thai economy.
3) Japan posts biggest current account deficit since 2018
Japan logged its largest current account deficit since 2014 amid soaring imported crude oil costs that offset gains in investment incomes. The deficit in the current account highlights the dependence of Japan on imports of commodities and raw materials.
4) Russia threatens to cut natural gas to Europe
Russia threatened to cut natural gas supplies to Europe via the Nord Stream 1 pipeline as part of its response to sanctions imposed over the invasion of Ukraine. The move could turmoil energy prices further hurting final consumer prices.
Deputy Prime Minister Alexander Novak said late Monday, Russia has the right to take actions that “mirror” the penalties imposed on the Russian economy. He said no decision to shut off Nord Stream 1 has yet been taken, and the pipeline is currently operating “at its full capacity.”
