1) Thai stock market overview
Thailand’s SET Index closed at 1,603.03 points, increased 2.97 points or 0.19% with a trading value of 63 billion baht. The analyst stated that the Thai stock market edged lower in the morning session, but was able to bounce back. However, the upside is still limited as investors were waiting to see the U.S. Fed’s decision on interest rate hike, which could possibly be 0.75%.
The analyst expected SET Index tomorrow to move within the range, giving a support level at 1,590-1,580 points and a resistance level at 1,605-1,615 points.
2) Over 95% of factories in Shanghai resume operations
After a two-month lockdown to curb the spread of Covid-19 pandemic, nearly all factories in Shanghai, China have resumed operations, said the Ministry of Industry and Information Technology on Tuesday.
Vice Minister of the Ministry of Industry and Information Technology XIN Guobin stated that 96.3 percent of industrial businesses in the country’s largest GDP city Shanghai have resumed operations, with a production rate exceeding 70 percent.
3) German inflation hits record high for 3 straight months amid rising energy and food prices
Germany reported a growth of 7.9% for its annual inflation rate in May 2022, accelerated from 7.4% in the previous month, the highest level since reunification in 1990.
The surge in May was the third straight month that Germany recorded higher inflation, mainly driven by faster rises in prices of energy and food. The rise of energy prices were mainly due to the impact of Russia’s invasion on Ukraine that caused energy products to increase sharply, especially heating oil, motoa fuels and natural gas. Energy prices increased by 38.3% over the same period of last year, while the price of food increased by 11.1%.
4) Bitcoin dips briefly below $21,000 as investors continue to withdraw from risk assets
Bitcoin briefly dipped below $21,000 during the trading session in Asia on Tuesday before rebounding to trade above $22,000 as investors continued to withdraw from risk assets amid upcoming rate hikes by the U.S. Federal Reserve that should be higher than previously anticipated.
The world’s largest cryptocurrency fell as much as 10.30% to $20,817 compared to its previous closing prices in New York at $23,205. Meanwhile, ethereum fell as much as 13% during the same period.
