1) Thai stock market overview
Thailand’s SET Index closed at 1,625.62 points, increased 0.60 points or 0.04% with a trading value of 52 billion baht. The analyst stated that the Thai stock market moved narrowly, pressured by Fed’s signal on the next rate hike. The analyst recommended investors to monitor the U.S. inflation data next week and the mid-term election.
Moreover, the Thai market was solid after being able to close higher, but the analyst expected the market to be quiet tomorrow.
2) Turkey’s food prices soar 99% in October as inflation reaches 85.5%
Inflation in Turkey marked its 17th consecutive monthly increase in October, reaching 85.5% from the same month last year as food and energy prices soared.
Food prices continued to rise by 99% in October, compared to the same period last year, while housing increased by 85% YoY, and transportation rose 117%, according to the data released from the Turkish Statistical Institute.
In September, Turkey’s inflation increased 83.5%, following August’s 80.2%.
Still, the Turkish President Tayyip Erdogan refuses to raise interest rates while saying that the move would jeopadize the economy. Meanwhile, economists voiced their concerns, saying that the president’s policies continued to hurt the Turkish currency; lira, and push inflation up.
3) Rishi Sunak plans to extend windfall taxes on energy firms
Rishi Sunak, the British prime minister, and Jeramy Hunt, the finance minister, were planning to extend windfall taxes on oil and gas companies, increasing the rate from 25% to 30% until 2028, which could raise nearly 40 billion pounds in a five-year span.
Higher profit from oil and gas companies were lifted by tight global supplies and disruption following Moscow’s invasion of Ukraine means as four largest global oil companies out of five have reported a combined of $50 billion in net income, including companies such as Shell, which reported a quarterly profit of $9.45 billion and a 15% dividend increase last week.
