1) FSS expected Thai bourse to test 1,600-1,610 resistance level, buoyed by positive economic data in the U.S.
Finansia Syrus Securities (FSS) expected Thailand’s SET Index to move in a sideways to sideways-up trend with a resistance level between 1,600-1,610 points after positive signs from the U.S. inflation data slowing down, which could lead to a more relaxing monetary policy from the Fed.
As for domestic drivers, the analyst recommended investors to monitor the banking sector’s earning results, starting with TISCO tomorrow.
2) Oil prices logged for fourth straight week of gains
Oil prices last week recorded a fourth straight week of gains amid forecasts of global demand hitting a record high this year from a recovery in Chinese consumption.
Brent crude closed at $86.31 a barrel, increased 0.3%. Meanwhile, the West Texas Intermediate rose 0.4% to settle at $82.52 per barrel.
Last week, the U.S. Energy Information Administration (EIA) revised its projections for U.S. and international benchmark oil prices in 2023 and 2024 upward in its monthly report released on Tuesday, citing the decision by OPEC and its allies to cut production by 1.6 million barrels per day as the main cause.
The EIA now predicts that Brent crude will average $85.01 per barrel this year, up 2.5% from its prior projection, and that the global benchmark would likely average $81.21 per barrel in 2024, up 4.7% from its earlier forecast. The U.S. energy body also raised their pricing forecasts for West Texas Intermediate crude by 2.8% this year to $79.24 and by 5.1% next year to $75.21.
3) France’s council passed pension reform to raise the retirement age to 64
Despite nationwide protests, France’s Constitutional Council approved President Emmanuel Macron’s controversial pension plan to raise the retirement age to 64.
The Frence’s council passed the core of the pension reforms on Friday, including the increase in the retirement age from 62 to 64. Meanwhile, the council also rejected a bid to hold a citizens’ referendum on the reform.
