1) Thai stock market overview
Thailand’s SET Index closed at 1,694.28 points, increased 9.10 points or 0.54% with a trading value of 91 billion baht. The analyst stated that the Thai stock market moved in the same direction as global markets on a positive sign of negotiation between Russia and Ukraine to solve the conflict.
Nevertheless, the situation must be monitored closely, as well as the Fed’s statement on March 2-3 as well.
The analyst expected SET Index to move in sideways trends tomorrow with a support level at 1,674-1,680 points and a resistance level at 1,700-1,704 points.
2) Visa and Mastercard block multiple Russian financial institutions
U.S. payment card processor firms Visa Inc and Mastercard Inc have blocked multiple Russian financial institutions from their network, complying with government sanctions imposed over Moscow’s invasion of Ukraine.
Visa said on Monday it was taking prompt action to ensure compliance with applicable sanctions, adding that it will donate $2 million for humanitarian aid. Mastercard also promised to contribute $2 million.
3) China manufacturing activities in Feb at 50.2
China’s official manufacturing PMI for Feb comes in at 50.2, vs 49.8 expected 49.8. Meanwhile, official non-manufacturing PMI comes in at 51.6, vs 50.7 expected.
4) Goldman raises US inflation outlook, seeing 11 hikes through 2023
Goldman Sachs Group Inc. raised U.S. inflation forecast and now sees the Federal Reserve lifting rates more than expected, 11 times through 2023.
The U.S. bank now expected the Fed’s preferred inflation measure to reach 3.7% by the end of 2022 compared to the previous forecast of 3.1%.
