Krungsri Securities (KSS) expected the SET Index to move within the range of 1,395-1,415 points. The analyst noted that despite a push from speculation of the US Fed cutting a quarter point of interest rate in the meeting in March 2024 after the final GDP data for 3Q23 was lower than expected, and the injection in saving funds, the trading volume in the Thai stock market remained low, coupled with a slowdown in fund inflow that could cause the index to fluctuate.
The final reading of the US economic growth came in lower than expected at 4.9%, compared to expectations of 5.2%.
Still, the figure was much higher than a reading of 2.1% in the second quarter, and this also marked the highest quarterly GDP growth in the US since 4Q22.
Meanwhile, the US core PCE quarterly inflation, the Fed’s key gauge for inflation measure, was revised down to 2.0% in the third quarter, compared to 2.3% expected and down from 3.7% previously.
For the week ended December 16, the Labor Department reported on Thursday that there was an increase of 2,000 Americans filing for unemployment benefits to a seasonally adjusted 205,000. Still, the figure was below 215,000 claims forecast by economists by Reuters poll.
Angola has exited from OPEC, according to Jornal De Angola Reports. It was speculated that the exit was due to disagreement in production cut by the group.
The withdrawal is expected to have a limited impact on OPEC as Angola’s oil production is around 1 million barrels per day (bpd), compared to the whole group at around 38 million bpd as of October.
OPEC will have 12 nations in the group after this exit.
