Thailand’s SET Index closed at 1,481.67 points, increased 18.72 points or 1.28% with a trading value of 39.28 billion baht. The analyst stated that the Thai stock market mirrored the upward trends in China and Hong Kong, driven by investor optimism surrounding prospective announcements on China’s stimulus measures and the recovery in the services PMI. Additionally, the victory of Kamala Harris in the U.S. presidential election is anticipated to benefit Asian markets, with further expectations of a quarter-point rate cut from the Federal Reserve in the forthcoming meeting.
The analyst expected the Thai market to trade sideways tomorrow, with Kamala Harris’s triumph offering additional support to the market.
The parliament standing committee of China met on Monday and discussed a proposal aimed at increasing the local government debt limit, with Finance Minister Lan Fo’an reaffirming that the planned fresh debt allocation is intended to substitute the current hidden debt.
The Reserve Bank of Australia (RBA) has maintained its benchmark interest rate at 4.35% for the eighth consecutive meeting, aligning with economists’ forecasts from Reuters. Despite a more cautious approach seen in other developed economies, the RBA highlighted in its statement a significant decrease in inflation levels since the peak in 2022.
Top Wall Street CEOs express doubts about the Federal Reserve’s commitment to a rate-easing trajectory, as ongoing inflation pressures persist in the U.S. economy. Despite the Fed’s 50 basis point reduction in September, there is growing skepticism among top CEOs regarding additional cuts this year.
Meanwhile, the CME Group’s FedWatch tool currently assigns a 98% probability to a 25 basis point cut at the November meeting, and a 78% chance at the December meeting.
