1) Thai stock market overview
Thailand’s SET Index closed at 1,680.49 points, decreased 1.62 points or 0.10% with a trading value of 61 billion baht. The analyst stated that the Thai stock market moved in a sideways direction, trying to build its base after pricing in most of the negative sentiment in the market. There could be positive drivers from the recovery economy and tourism.
The analyst advised investors to monitor Jerome Powell’s statement to look for Fed’s signals on rate hike potential.
2) Thai shippers’ council forecast exports to grow by 1-2% this year
The Thai shippers’ council expected Tuesday that the country’s exports will increase by 1% to 2% this year, amid weakening demand around the world.
The forecast remained unchanged from the previous one.
Chaichan Chareonsuk, chair of the Thai National Shippers’ Council, told a news conference that despite being a significant driver of economic growth, shipments are also threatened by high currency volatility.
Exports are predicted to fall 3.7% year on year in the first quarter before recovering to a 0.7% drop in the second quarter and showing gains in the second half of the year, according to the group.
3) ADB expects Asia-Pacific tourism to return to pre-pandemic level by 2024
he Asian Development Bank (ADB) released a report on Tuesday stating that the tourism industry in Asia and the Pacific has begun to recover and may return to pre-pandemic levels by 2024.
The number of international tourists to the Asia-Pacific region increased by 390% year-on-year in the first eight months of 2022, according to the Asian Economic Integration Report 2023. However, this increase amounted to only 10.3% of the 2019 level.
According to the report, “the variation is largely driven by differences in the pace of border reopening, public health protocols, and people’s confidence in overseas travel.”
The ongoing conflict between Russia and Ukraine, the research noted, also posed a downside risk to Asian tourism, with the possible loss of nearly one-third of Russia’s outbound travelers.
It was also noted that “weak global growth prospects” and “higher fuel prices translating to higher airfares and travel expenses” are slowing the rebound.
4) German industrial production falls 3.1% in December
Germany’s industrial production fell at a faster-than-expected rate in December, dropping by 3.1% last month, according to the federal statistical office, beating analysts’ estimate for a 0.7% drop for the month, according to a Reuters poll.
In 2022, German industrial production fell 0.6% in calendar-adjusted terms from 2021 and declined 5.0% from pre-pandemic levels in 2019.
According to the statistics office, after a sharp plunge in March, production made some recovery but then started to fall toward the end of the year.
