1) Thai stock market overview
Thailand’s SET Index closed at 1,701.18 points, decreased 1.75 points or 0.10% with a trading value of 68 billion baht. The analyst stated that the Thai stock market faced a selloff prior to a holiday, while monitoring the situation in Russia to see whether it will miss bond payment, the EU is expecting to impose more sanctions on Russia as well, and the release of Fed’s minutes.
2) Eurozone’s PMI drops in March despite growth boost from re-opening
Business growth in the Eurozone got a boost last month from the re-opening of economies, according to a survey. The survey also highlighted soaring energy costs and Russia’s invasion of Ukraine threaten the recovery of the region.
S&P Global’s final composite Purchasing Managers’ Index (PMI) dropped to 54.9 in March from February’s 55.5 but was ahead of a preliminary 54.5 estimate.
3) World Bank cuts GDP growth forecast of East Asia factoring war in Ukraine
The World Bank has cut its growth forecasts for East Asia and the Pacific for 2022 to reflect the economic impact of Russia’s invasion of Ukraine. warning the region could lose further momentum if conditions worsen.
In a report on April 5, it said the lender expects 2022 growth in the developing East Asia and Pacific (EAP) region, which includes China, to expand 5 per cent, lower than its 5.4 per cent forecast in October.
The lender added, growth however could slow down to 4% if conditions worsened and government policy responses were weaker.
4) US halts bond coupon payments
The United States has stopped coupon payment of Russia’s latest sovereign bond, according to Reuters citing sources familiar with the matter and as spokeswoman for the U.S. Treasury said.
The latest sovereign bond coupon payment has not received authorization by the U.S. Treasury to be processed by corresponding bank JPMorgan, says Reuters. The payments were due on bonds in 2022 and 2042.
The move has put Russia on the verge of historic default.
