1) FSS expects tech stocks to buoy SET Index, following a surge in Wall Street
Finansia Syrus Securities (FSS) expected the Thai stock market to move in a sideways to sideways-up trend within the range of 1,545-1,560 points, boosted by tech and electronics stocks, following the same direction as Wall Street. Investors expected the U.S. inflation to slow down, which would lead to the Fed holding interest rates at 5-5.25%. Bond yields also edged slightly down.
2) China cuts key short-term borrowing rate by 10bps
China’s central bank slashed its seven-day reverse repurchase rate by 10 basis points to 1.9% from 2% as the world’s second largest battling with weak economic recovery after coming out of a strict Covid-19 lockdown.
Several big banks in China also cut deposit rates last week, which indicated that further monetary easing is coming.
The onshore Chinese yuan depreciated 0.25% to 7.1618 against the U.S. dollar after the announcement.
3) SoftBank to layoff 30% of workforce in Vision Fund
SoftBank Group Corp is planning a new round of layoffs at its Vision Fund investment arm, according to the source familiar with the matter as reported by CNBC.
The cut could be as soon as the next two weeks and could be around 30% of the workforce in Vision Fund, including staff in the U.S. as well.
Earlier, it was reported that SoftBank-backed ‘Arm’ was in talks with Intel about anchoring an IPO that could raise as much as $10 billion, which would be one of the largest IPOs of the year. Arm plans to sell its shares on Nasdaq later this year.
