1) Thai stock market overview
Thailand’s SET Index closed at 1,623.57 points, decreased 2.75 points or 0.17% with a trading value of 67 billion baht. The analyst stated that the Thai stock market moved narrowly as investors were monitoring earnings season, US mid-term election and economic data from U.S. and China.
The analyst expected SET Index to move in sideways direction tomorrow with a support level at 1,620 points and a resistance level at 1,630 points.
2) Apple cuts new iPhone output by 3 million as demand falls
Apple has lowered its production goal of iPhone 14 from 90 million to 87 million, according to people familiar with the matter. The reduction is mostly the result of lower demand for the iPhone 14 and 14 Plus models, which are less expensive alternatives to the high-end Pro offerings.
Moreover, the factory in Zhengzhou, where the majority of iPhones are assembled, is experiencing supply shortages due to a weeklong Covid-19 lockdown.
According to a Jefferies research, sales of the iPhone 14 and Plus have dropped sharply since their launch, and the decline is getting worse in China.
However, Apple said on Sunday that demand for its iPhone 14 Pro and Pro Max devices remains strong, despite a lockdown in Zhengzhou.
3) Thailand’s inflation slows for second-straight month in October
Thailand’s inflation rate fell to 5.98% in October from 6.41% the previous month, according to official data released on Monday, slightly lower than the 6.00% expectation.
The consumer price index (CPI), a key inflation gauge, was at 108.06 in October, and the Ministry of Commerce noted that this led to headline inflation of 5.98%, a slowdown for the second consecutive month.
Core consumer prices increased 3.17% year on year in October, the most since July 2008, following a 3.12% gain in September and falling short of the 3.2% consensus. On a monthly basis, consumer prices increased by 0.33% in October, the third straight month of gains and the steepest growth in four months, after rising 0.22% in September.
4) China’s exports in October shrink 0.3%, missing expectations badly
China’s exports in October were well below Reuters expectations, falling by 0.3% compared to a consensus for a 4.3% increase and a sharp downturn from a 5.7% growth in September.
Meanwhile, imports decreased by 0.7% in U.S.-dollar terms, which missed expectations for a 0.1% growth in October.
China’s crude oil imports rose to 43.14 million tonnes in October, representing its first year-on-year growth since May. However, natural gas imports fell to the lowest monthly level in two years, according to data from the General Administration of Customs on Monday.
Weak trade data implies that demand in the world’s second largest economy remains frail overall,while activities and manufacturing were pressured by continuous Covid-19 controls by Chinese authorities, coupled with disaster in the property sector and looming global recession.
