1) FSS expects SET Index to extend gains following positive session in Wall Street
Finansia Syrus Securities (FSS) expected SET Index to move in a sideways trend to sideways-up trend with a positive sentiment from Wall Street that continued to extend gains as the market remained hopeful on Fed slowing down its rate hike pace. The resistance level for Thailand’s SET Index remained at 1,700 points, and the upcoming U.S. inflation data could help buoy the market if the reading is lower than expected.
2) Fed’s Powell says central bank’s decision should be free from political influence
Fed Chairman Jerome Powell in a bank symposium in Sweden emphasized the need for the central bank to be free of political influence in which the monetary decision to stabilize prices could politically draw unpopular views.
“Price stability is the bedrock of a healthy economy and provides the public with immeasurable benefits over time. But restoring price stability when inflation is high can require measures that are not popular in the short term as we raise interest rates to slow the economy,” Powell said.
“The absence of direct political control over our decisions allows us to take these necessary measures without considering short-term political factors,” he noted.
3) Oil prices edged lower as US crude stockpile rose more than expected
Oil prices edged lower on Wednesday after the report of U.S. crude stockpiles increased by more than four times in the first week of 2023, compared to the week prior.
The international benchmark fell $0.66 or 0.82% to $79.44 per barrel. The West Texas Intermediate dropped $0.69 or 0.92% to $74.43 a barrel.
Data from the American Petroleum Institute indicated that U.S. crude stockpile rose to 14.86 million barrels, compared to a forecast for a 2.37 million draw.
