1) FSS expects SET Index to move sideways amid concerns over economic outlook
Finansia Syrus Securities (FSS) expected Thailand’s SET Index to move in a sideways direction within the range of 1,590-1,610 points, seeing a surge in the energy sector to continue supporting the Thai stock market.
Tech stocks turned negative in anticipation that inflation could linger, causing the Fed to maintain its interest rate at a higher level longer than anticipated.
Flows are seeking bonds and gold, reflecting market’s concerns over the global economy in 2H23 that is expected to slow down.
Domestic movement is buoyed by the upcoming election and the power generation sector that is looking forward to the bidding of renewable projects worth 5.2 GW tomorrow.
2) US reports weak economic data across the board
The United States of America reported weak economic data across the board on Monday. US March ISM Manufacturing PMI came in at 46.3 (forecast 47.5, previous 47.7); the lowest since May 2020.
Meanwhile, US ISM Manufacturing Employment Index was 46.9 (forecast 46.9, previous 49.1). US Construction Spending MoM was -0.1% (forecast 0%, previous -0.1%). US ISM Manufacturing Prices Paid was 49.2 (forecast 51.1, previous 51.3) and US ISM Manufacturing New Orders Index was 44.3 (forecast 47.5, previous 47.0).
3) Dogecoin jumps 35% after Twitter temporarily changed logo into dog meme
Dogecoin jumped as much as 35% after Twitter temporarily changed its logo from the usual blue bird into the widely-known dog meme; shiba inu image.
The change was believed to be the doing of Elon Musk, the new CEO of Twitter, as the billionaire shared a meme about the change.
