1) FSS expects sideways-up trends, but with limited upsides for SET Index
Finansia Syrus Securities (FSS) expected SET Index to move in sideways-up trends to challenge the resistance level at 1,575-1,580 points after a strong rebound in Wall Street last Friday as investors expected Fed’s monetary policy in the short-term would not cause the economy to plummet into a recession.
However, the upside is still limited as the Thai stock market lacks positive drivers. Meanwhile, investors would continue to monitor the U.S. economic data such as employment rate and June’s inflation before the next meeting on 26-27 July that the market expected a 75 basis points raise.
2) Russia defaults on overseas debt for the first time since 1918
Russia has defaulted on its overseas debt for the first time since 1918 after missing the grace periods on two eurobond coupons amount $100 million expired on Sunday.
According to the report, the Russian government has enough money to meet its obligations and is willing to pay, but the financial sanction by western countries made it impossible to access the international banking networks to get the payments to international creditors.
The Russian Finance Minister calls the default situation a ‘farce’.
3) Germany will last 2.5 months without Russian gas
The German top energy regulator said that the country would last only 2.5 months without Russian gas, which would spell a difficult autumn and winter ahead.
Last week, Germany declared a stage two emergency gas plan amid mounting fears from the reduction of Russian gas flows that would make this winter very crucial due to supply shortage to warn the country.
The EU planned to phase out their reliance on Russian energy by 90% before the end of this year as part of the sanction measures on Russian invasion to Ukraine.
4) G7 nations will ban Russian gold
The Group of Seven (G7) nations will announce a ban on Russian gold imports as a punishment for the Kremlin invasion in Ukraine.
“The United States has imposed unprecedented costs on Putin to deny him the revenue he needs to fund his war against Ukraine,” tweeted the U.S. President Joe Biden on Sunday.
“Together, the G7 will announce that we will ban the import of Russian gold, a major export that rakes in tens of billions of dollars for Russia.”
