Thailand’s SET Index closed at 1,463.42 points, increased 2.78 points or 0.19% with a trading value of 41.35 billion baht. The analyst stated that the Thai stock market traded narrowly and was in line with the international markets, as there were no supporting factors. In the short term, equity markets were holding their ground amidst uncertainties on the presidential election in the US, where Donald Trump currently exhibits a slight lead over Kamala Harris. This development has triggered a surge in the bond yield, bolstered the US dollar, and instigated fund flow diversion away from Asian markets.
The analyst expected the Thai market to trade sideways next week.
The Bank of Thailand (BOT) expressed its stance on keeping the current inflation target range of 1% to 3% unchanged, asserting that it has been effective and does not warrant modification.
The Deputy Governor of BOT, Piti Disyatat, emphasized that there is no need for adjustment given the low and stable inflation, dispelling any concerns of deflation. Despite recent disagreements with the government over interest rate cuts, Piti remains optimistic for a constructive discussion on the inflation target during the upcoming meeting between the central bank and the finance ministry.
In October, Tokyo saw its inflation rate drop below 2% for the first time in five months, primarily impacted by energy prices, against the backdrop of an upcoming general election and the Bank of Japan analyzing data for its policy decision in the following week.
The People’s Bank of China (PBOC) opted to maintain its one-year policy rate unchanged, following a substantial reduction in funding costs the previous month, indicating a cautious approach towards providing monetary support for the economy.
The European Union and China are due to continue technical negotiations on potential alternatives to tariffs for China-manufactured electric vehicles, despite lingering substantial issues.
The EU is poised to impose new tariffs of up to 35.3% next week on Chinese electric vehicles, following an anti-subsidy investigation, while indicating that discussions could persist beyond this, with possibilities under consideration to include minimum price commitments from Chinese manufacturers or investments in Europe as an alternative to tariffs.
