1) Thai stock market overview
Thailand’s SET Index closed at 1,540.20 points, decreased 17.67 points or 1.13% with a trading value of 46 billion baht. The analyst stated that the Thai stock market closed lower than expected in response to concerns of global economic recession, leading to withdrawal in risky assets and seeking safer investment such as bonds. The analyst expected the market to remain gloomy tomorrow as investors continued to monitor earnings results and US and Europe GDP reports.
2) Biden announces 2024 presidential campaign
U.S. President Joe Biden announced on Tuesday that he will run for re-election in 2024, while describing the next election as a battle for democracy and freedom for everyone and saying, “Let’s finish the job.”
Biden, who is now 80 years old and the oldest president in U.S. history, has long signaled his intention to run for a second four-year term.
If Biden is re-elected, he will continue to be the oldest person to serve as President; on Inauguration Day 2025, he would be 82 years old. Despite Democratic concerns about his age, Biden has faced no significant opposition, even as the Republican field has grown.
According to a recent poll by NBC News, however, 70% of Americans, including 51% of Democrats, believe Biden shouldn’t run again. More than half of those who don’t want Biden to run cite his age as a “major” reason for their decision.
3) Credit Suisse expects no change in PPA after new government in Thailand
Credit Suisse stated that there will be no change in Thailand’s Power Purchase Agreement (PPA) for Independent Power Producers (IPPs) under the new government this year, citing historical traits of all governments after taking the stage as liability is too high to make change of the contracts that private companies have won through competitive bidding.
On the policy front, Credit Suisse expected to see continued push for renewable capacities for cheaper and greener while reducing marginal gas consumption.
4) Finance ministry cuts Thailand’s growth forecast to 3.6% from 3.8%
Thailand’s finance ministry on Tuesday revised down its gross domestic product (GDP) growth forecast for this year, saying it now expects the economy to expand by 3.6% versus 3.8%.
The authorities also lowered its forecast for the export sector, which is now likely to contract by 0.5% in 2023 instead of growing modestly as predicted for this year.
The Bank of Thailand (BOT), meanwhile, maintained its growth projection for the country’s economy at 3.6%, supported by tourism and domestic consumption, despite turbulence in the first half of the year and global financial uncertainty.
