1) FSS expects SET Index to move sideways as investors focus on US and Eurozone GDP
Finansia Syrus Securities (FSS) expected Thailand’s SET Index to move in sideways trend with a short-term support level at 1,550-1,555 points. The U.S. and Eurozone GDP for 1Q23 will be announced later this week in which the market is expected to see further growth on a quarterly basis.
The direction now would focus on the 1Q23 results of listed companies after all the banking companies finished theirs last week.
2) US House to vote on spending and debt bill
Republican U.S. House of Representatives Speaker Kevin McCarthy said on Sunday that the U.S. House will hold a vote in the coming week on his version of the spending bill, which will pave the way to raising the cap for the debt limit.
Failing to raise the debt ceiling would lead to a U.S. default on its financial obligations and damage its economy further.
McCarthy has been holding the debt limit bill hostage and would only pass the bill from House if the U.S. President Joe Biden accepted his version of a spending bill that largely cut Biden’s spending plan, including the student loan forgiveness scheme.
3) US bank deposits fell last week as concerns in financial system remain
US bank deposits fell by $76.2 billion in the week ended 12 April, indicating that the financial system of the world’s largest economy remains fragile after the financial crisis. The drop was mostly at large and foreign institutions, while smaller banks also face the same problem.
Meanwhile, lending of commercial bank rose $13.8 billion in the period after increasing $10.2 billion in the prior week.
