1) FSS says overall outlook sluggish as Fed’s longer rate cycle weighs on markets
Finansia Syrus Securities (FSS) expected Thailand’s SET Index to move sideways to sideways down within the range of 1,660-1675 points as the overall outlook in the market remains sluggish for an investment in risk assets over the prospect of Fed hiking rate at a longer period of time than previously expected, resulting in U.S. bond yield rose 25-40bps from last week. The global market is moving at a stronger trend since 4Q22, which is one of the contributors for a short-term profit taking in the market.
2) MSCI cuts free-float designations of four securities of Adani group
MSCI said that it had cut the free-float designations of four securities of Adani group despite a warning from analysts that this move could impact MSCI’s index weightings. Four entities that got their free floats cut by MSCI Adani Enterprises, Adani Total Gas, Adani Transmission and ACC. The remaining companies’ free floats in the global index provider MSCI will remain the same.
The change came after U.S. short seller Hindenburg Research revealed that Adani group made an improper use of offshore tax havens and stock manipulation. Still, Adani denied any accusation.
3) Yahoo plans to lay off more than 20% of its workforce
Yahoo plans to lay off more than 20% of its workforce by the end of this year with 1,000 positions expected to be gone by this week.
Yahoo reportedly had about 10,000 employees at the time when Apollo Global Management acquired 90% of Yahoo from Verizon in 2021.
Currently, the company reportedly has nearly 8,000 employees.
