Thailand’s SET Index closed at 1,462.95 points, decreased 1.22 points or 0.08% with a trading value of 28.39 billion baht. The analyst stated that the Thai stock market traded within range with low volume. This trend emerged as investors adopted a cautious approach, awaiting the outcome of the upcoming US presidential election, viewing it as a pivotal event that could influence market direction and act as a catalyst impacting capital markets.
The analyst expected the market to trade sideways tomorrow.
The governor of Thailand’s central bank expressed concerns about the diminishing independence of central banks, citing increased pressures over the past decade.
The comment came after Thailand’s central bank announced on Monday that the selection of the next Bank of Thailand board chairman by an independent committee has been postponed to the following week, allowing for more thorough consideration of available information.
China is expected to announce its fiscal support plan on November 8, the last day of its five-day meeting held by President Xi Jinping and his high-level staff, just days after the U.S. election in which the winner should be announced by then.
The outcome of the election, especially if Republican candidate Donald Trump wins, will significantly impact the Chinese economy as Trump threatened to raise tariffs on U.S. imports from China by 60% or even 200%.
Democratic Party leader Lee Jae-myung announced to endorse the government’s proposal to eliminate a tax system targeting profits from financial investments, attributing the move to the necessity of revitalizing the nation’s undervalued stock market.
Eurozone manufacturing indicated signs of stabilization in October, with activity contracting for the 28th consecutive month but at a slower pace.
The HCOB’s final eurozone manufacturing Purchasing Managers’ Index (PMI) showed a rise to 46.0 in October, slightly above the initial estimate of 45.9 but still below the threshold of 50, which separates expansion from contraction.
The US Federal Reserve are planning to trim its benchmark interest rate by a quarter-point to 4.50-4.75% range, a second time after the rate cut in September. Many economists predict another quarter-point cut in December and possibly more next year.
