Thailand’s SET Index closed at 1,428.01 points, decreased 2.39 points or 0.17% with a trading value of 35.57 billion baht. The analyst stated that the Thai stock market showed subdued performance, driven by low trading activity and a lack of positive catalysts. Market movements included a sell-off of stocks related to ESG, while there was heightened buying interest in export-related stocks.
On the global front, investors expressed apprehension regarding the potential impact of Trump’s policies on trade relations, as well as uncertainties surrounding the Federal Reserve’s stance on rate adjustments.
Looking ahead, the analyst anticipated a relatively stagnant trajectory for the Thai market, emphasizing the significance of the upcoming cabinet meeting. In addition, the US markets will be closed for the Thanksgiving holiday.
The South Korean central bank went for back-to-back cuts on its benchmark interest rates, a trend last seen in early 2009, as an attempt to stimulate an economy that seems to be on the brink of stagnant growth and diminishing inflation.
This maneuver from the Bank of Korea (BOK) lowers its principal interest rate by 25 basis points to 3.00%, a development that only a minority of economists, 4 out of 38 surveyed by Reuters, anticipated.
Daan Struyven, a researcher at Goldman Sachs, warned that Trump’s announcement on imposing additional tariffs on China, Mexico, and Canada could have pretty significant consequences, impacting US refiners, who rely on Canadian oil, potentially reducing profit margins and driving up consumer prices.
Canadian oil producers may also face revenue losses, as the U.S. imports large volumes of Canadian oil, with a record 4.3 million barrels per day in July 2024.
The OPEC+ coalition has rescheduled its meeting to determine the future strategy for crude production to December 5.
Initially slated for December 1, the meeting will now take place virtually next week. The sources requested anonymity due to the confidential nature of the discussions. This change underscores the ongoing deliberations within the group as they navigate the complexities of the current oil market landscape.
The recent £26 billion ($33 billion) tax hike on businesses by UK Chancellor Rachel Reeves could negatively impact employment. Data from Bloomberg Economics shows that companies may offset the increased burden by laying off employees, potentially costing up to 130,000 jobs.
