1) FSS expects SET Index to move sideways-down, pressured by negative sentiment in Wall Street
Finansia Syrus Securities (FSS) expected Thailand’s SET Index to move in a sideways-down trend within the range of 1,600-1,620 points, pressured by the situation in Wall Street. Even with lower jobless claims and better 3Q22 GDP adjustment to 3.2%, the market is still concerned about the decline of inflation rate being slower than previously anticipated due to its surging economy, resulting in longer tightening policy by the Fed. The analyst recommended investors to monitor the U.S. PCE for November that is expecting to slow down.
2) Turkey hikes minimum wage by 55% amid inflation rate running high at 84.4%
Turkey raised the minimum wage by 55% as the country’s inflation rate is running at 84.4%, a 24-year high. The rising cost of living in Turkey put millions into financial hardship, especially in small businesses and stripped many people’s financial capability to get their hands on basic goods.
Turkish President Recep Tayyip Erdogan said that the monthly minimum salary would be raised to 8,500 lira (approx. $455) starting in 2023.
3) Japan’s core inflation hit 40-year high at 3.7%, big discal budget coming
Japan’s core inflation rate hits the highest level in more than 40 years as households are struggling with rising cost of living, being passed on from companies that see rising cost of material.
Japan’s core consumer price index (CPI), which excludes volatile food and energy prices, increased 3.7% in November from a year earlier, in line with market expectations and a rise from 3.6% in October.
Japan is set to uncover its $864 billion fiscal budget that pushed up its military spending and higher social security costs for a fast-ageing population.
