Thailand’s SET Index closed at 1,460.64 points, decreased 9.68 points or 0.66% with a trading value of 54.38 billion baht. The analyst stated that the Thai stock market decreased in tandem following Republican presidential candidate Donald Trump’s slight lead over Democrat rival Kamala Harris in a national poll conducted over the weekend. This development heightened investor anxiety regarding a potentially smaller-than-anticipated rate cut, compounded by a gradual rise in US bond yields.
The analyst anticipates that the US markets may experience a persistent wave of profit-taking in stock sales as the election day approaches. Asian markets, including Thailand, are expected to move in concert with US market trends, with regional currencies such as the Thai baht experiencing depreciation.
Car production in Thailand experienced a significant decline in September, with a 25.48% drop compared to the same period last year, a notable decrease from August’s 20.56% year-on-year downturn. The reduction in production affected both domestic sales and exports, highlighting challenges faced by the country’s automotive sector.
The International Monetary Fund (IMF) adjusted its GDP growth forecasts for Thailand, revising figures downwards by 0.1 percentage point for both this year and the next. The IMF now anticipates Thailand’s economy to expand by 2.8% in 2024 and 3.0% in 2025, with long-term growth projected at 2.7% by 2029.
South Korea’s economy narrowly expanded in the third quarter as consumer spending picked up, but exports declined, prompting the central bank to signal a potential revision to its 2024 growth forecast. The Bank of Korea’s preliminary estimate revealed a meager 0.1% growth in GDP for July-September, falling short of market predictions of 0.5% growth.
Japan’s factory activity continued to decline for the fourth consecutive month in October, driven by subdued demand and weak orders.
The au Jibun Bank flash Japan manufacturing purchasing managers’ index (PMI) dropped to 49.0 from September’s 49.7, staying below the 50.0 threshold that divides growth from contraction.
British businesses experienced their slowest growth in nearly a year, while workforce numbers declined for the first time in 2024 due to uncertainty ahead of the Labour government’s upcoming budget.
The preliminary S&P Global Flash Composite PMI registered a decline to 51.7 from 52.6 in September, staying above the growth-contraction threshold of 50, yet marking the lowest level since November 2023. This reading was below the expectation of economists in a Reuters poll, which had forecasted a consistent 52.6.
The BRICS summit kicked off this week as President Vladimir Putin welcomed leaders of the five pioneering countries and the addition of Iran, Egypt, Ethiopia and the United Arab Emirates. Several agendas were on and off the table at the summit, including the new payment platform, mending ties between China and India, and also the welcoming of new partner nations, including Thailand.
