1) FSS sees SET Index moving between 1,550-1,570 in a lack of positive drivers
Finansia Syrus Securities (FSS) expected Thailand’s SET Index to move in a sideways trend within the range of 1,550-1,570 points as the market lacks positive factors after pricing in the Fed and ECB meeting last week. The energy sector should continue supporting the market following a rise in oil and gas prices in the past week. The analyst expected political issues should be moving in a positive direction as the Election Committee is expected to approve 95% of the MPs by this week.
2) Goldman Sachs cut China 2023 GDP growth to 5.4%
Goldman Sachs is the latest major bank to cut China’s economic growth forecast as the world’s second largest economy is struggling to post strong growth after coming out of strictest Covid-19 lockdown in the world.
The investment bank joined other big names such as UBS, Standard Chartered, BoA, and JPMorgan that previously downgraded China’s GDP growth last week. Goldman Sachs cut China’s full-year economic growth forecast in 2023 to 5.4% from 6%, adding that there is further turbulence ahead for the economy.
3) Oil prices erase half of their gains from last week as banks cut China’s GDP growth
Global oil prices edged lower on Monday, erasing more than half of the gain they made last week as world’s leading banks started to cut China’s economic growth in 2023.
As of 9:52 BKK time on Monday, the international benchmark Brent crude decreased $1.19 or 1.55% to $75.42 per barrel. Meanwhile, West Texas Intermediate (WTI) fell $1.00 or 1.39% to $70.75 a barrel.
Last week, Brent gained 2.4% and WTI rose 2.3%. However, banks were publishing their research as well, especially on cutting economic growth of China this year due to its sluggish growth.
