1) Thai stock market overview
Thailand’s SET Index closed at 1,526.69 points, increased 3.95 points or 0.26% with a trading value of 54 billion baht. The analyst stated that the Thai stock market closed higher after a three-day losing streak due to concerns over the political situation in forming the coalition government, but finally showed some progress today. Meanwhile, talks between Biden and McCarthy also had some positive feedback over the U.S. debt ceiling.
2) Japan’s Exports for April Fall to Two-Year Low as Slowdown in Global Demand Lingers
Japan’s exports showed the weakest pace for growth in more than two years in April as shipment to China fell amid weak global demand.
According to the data released by the Ministry of Finance on Thursday, exports for April rose 2.6% from a year earlier, which was lower than a 3.0% growth expected by economists in a Reuters poll and a 4.3% increase in March. Growth in April was the weakest since February 2021 when the reading contracted 4.5%.
Meanwhile, imports fell 2.3% in April, much larger than an estimate for a 0.3% drop. This marked its first annual decrease in 27 months, pressured by rising energy costs and weakening yen.
The trade deficit was 432.4 billion yen.
Outbound to China, its biggest trading partner, in April fell 2.9% from a year earlier amid slowing down in car exports, parts and steel. Shipment to Asia fell 6.3% YoY, while exports to the U.S. and European Union rose 10.5% and 11.7%, respectively.
