1) Thai stock market overview
Thailand’s SET Index closed at 1,586.18 points, decreased 8.29 points or 0.52% with a trading value of 55 billion baht. The analyst stated that the lower reading of US consumer confidence caused the market to be concerned of recession, resulting in a withdrawal in the global markets.
The analyst expected the SET Index to move in sideways trends tomorrow as investors will monitor the U.S. GDP growth rate QoQ final Q1 tonight.
2) Shell CEO warns EU that it is impossible to replace Russian gas supplies with LNG
Shell CEO Ben van Beurden said that it is impossible to replace Russian gas supplies in Europe with LNG while stating that this winter will be problematic for the EU and seeing turbulent period ahead for energy markets
The CEO said that the world is short of refining capacity because of voluntary shutdowns, while Russia and China did not export their oil products.
3) Shanghai will further reopen its economy starting July 1st
Shanghai, China’s major financial hub, will gradually reopen its economy, beginning with museums, art galleries, and scenic spots in July, according to the Shanghai Municipal Administration of Culture and Tourism on Wednesday.
The city will progressively reopen movie theaters and entertainment venues beginning July 8, as Shanghai has already ended a two-month city-wide lockdown since June 1.
Earlier on Tuesday, Shanghai Disneyland announced its reopening after a three-month hiatus, after the Chinese authorities eased additional Covid-related restrictions.
4) Thailand’s factory output drops in May amid supply shortage and inflation fears
Thailand’s overall industrial production dropped in May amid supply shortage and growing inflationary pressure.
The Manufacturing Production Index (MPI) dropped to 98.05 in May, down 2.11 percent from the same period last year, despite an average gain of 0.57 percent from January through May of this year, the Office of Industrial Economics reported on Wednesday.
In May, the country’s capacity utilization rate (CapU) was 62.42 percent, up from 58.54 percent in April, and 64.11 percent on average for the first five months.
Key factors affecting May production include China’s partial lockdown, which resulted in a supply shortage, particularly of semiconductors used in automobiles and IT devices.
