1) KSS expects SET Index to test 1,615-1,620 points after lower-than-expected US PCE
Krungsri Securities (KSS) expected Thailand’s SET Index to test the resistance level of 1,615-1,620 points today as the market is hoping for a slower rate hike by the Federal Reserve after PCE data came in lower-than-expected. Meanwhile, crude oil prices are surging in response to the output cut of 1.16 million barrels per day by OPEC. However, the analyst stated that foreign flows would continue to leave the Thai stock market and DELTA, which is under market surveillance, could pressure the market to move in both directions.
2) OPEC+ surprises the market with 1.16 million output cut
Saudi Arabia, Iraq and other oil producers in OPEC+ surprised the market on Sunday that the group would further reduce its oil output of around 1.16 million.
Analysts stated that this move would cause an immediate rise in oil prices, while the U.S. called the move by the group inadvisable.
The cut has lowered the group’s total production to 3.66 million barrels per day, which is 3.7% of global demand.
3) Tesla delivers 422,900 vehicle in 1Q23, beating expectations
Tesla delivered 422,900 vehicles in the first quarter of this year, beating the estimated 421,200 deliveries and also setting a new record for the company. esla also produced 440,800 cars in Q1, beating the estimated 432,500.
In the latest meeting call, Musk said that he planned to produce 1.8 million to 2 million vehicles this year.
4) Japan’s business mood drops to 2-year low
Japan’s business sentiment for the first three months this year hit the lowest level in more than two years as slowing global growth weighs on the economic outlook.
The headline index which measures big manufacturers’ sentiment fell to +1 in March from +7 in December, according to the data reported by the Bank of Japan. The reading was lower than the median of +3 while posting its fifth straight quarter of deterioration and the worst sentiment since December 2020.
