1) FSS eyes MPC meeting for rate hike
Finansia Syrus Securities (FSS) expected Thailand’s SET Index to move in a sideways trend within 1,600-1,615 points, slowing down from its red-hot movement in yesterday’s trading session as investors are looking to the monetary policy meeting today.
The analyst expected the market to be more relaxed if the mood and tone from the policymakers come out positive.
2) Alibaba gains 16% after a major restructure of its group
Share prices of Alibaba Group surged 16% in the morning session on Wednesday after the company announced a major restructuring plan.
The tech giant said on Tuesday that it would reorganize into a holding company with six sub-divisions each with their own CEOs and boards, while Daniel Zhang will maintain his position as group CEO.
Despite heavy regulatory crackdown in recent years within the technology sector, Alibaba’s fintech Ant Group still plans to go public, but likely not within this year. According to the report from local media in China, the IPO may exclude its overseas business in which the technology departments, database services, and its international functions may be spun off.
3) JPMorgan CEO Jamie Dimon to be deposed over Epstein case
JPMorgan Chase CEO and chairman, Jamie Dimon, will be deposed over his bank’s links to a convicted sex offender and also former financier Jeffery Epstein, according to a person with knowledge of the matter.
One of the lawsuits claimed that JPMorgan ignored red flags about Epstein and profited from dealing with him.
