1) FSS expects to see a technical rebound after a sharp plunge last week
Finansia Syrus Securities (FSS) expected a technical rebound for Thailand’s SET Index after the index edging closer to the previous low of 1,460 points and fell more than 100 points in recent weeks.
Thailand is expected to report its September’s inflation rate this Thursday. The analyst expected the pressure in the market would be lifted if the reading came in within or lower than the target range of 1-3% by the Bank of Thailand.
2) US avoids last-minute shutdown with 45-day spending bill
The Senate voted 88-9 to pass the continuing resolution 3 hours before the 12:01 a.m. deadline that would cause a shutdown within the government sectors as more than four million government employees would not get paid. The 45-day measure is now heading to President Joe Biden’s desk for the final signature.
The 71-page short-term bill from McCarthy did not include the controversial new financial assistance for Ukraine’s ongoing war with Russia. Since the invasion of Russia and Ukraine, the U.S. has spent $43 billion in security assistance for Kyiv.
The US president later signed the bill to make it into law.
3) World Bank trims Developing East Asia and Pacific over slowdown in China
The World Bank slightly cut its growth forecast for developing East Asia and Pacific due to the slowdown in China and global demand.
According to the latest October report, the World Bank trimmed growth to 5.0% in 2023, down from 5.1% it had forecast in April. As for Asia, the World Bank now expected to see 4.5% expansion, compared to 4.8% in April.
However, growth in China for 2023 was left unchanged at 5.1%, but 2024 GDP was cut to 4.4% from 4.8% previously.
