1) FSS expects a selloff in DELTA to drag the market down
Finansia Syrus Securities (FSS) expected the Thai stock market to move in a sideways trend within the range of 1,545-1,565 points. Meanwhile, the Market Surveillance Measures on DELTA could result in a short selloff that drags the market down today.
The political factors in Thailand should have more weight in the market after the Election Committee just approved all 500 MPs yesterday and expected to start the parliament within 15 days to choose the president of the parliament.
2) China’s central bank cut two more key lending rates
China’s central bank cut two more key lending rates on Tuesday for the first time in 10 months to give another boost to its sluggish economy that saw slow growth after ending its zero-Covid policy and opening the border.
The People’s Bank of China cut the one-year loan prime rate by 10 basis points from 3.65% to 3.55% and also cut the five-year loan prime rate by 10 basis points from 4.3% to 4.2%.
3) UK bond yields hit 15-year high of over 5% as markets expect BoE rate hike
UK 2-year yields jumped over 5% for the first time since 2008 ahead of the Bank of England’s interest rate decision this week. The markets are pricing in another 25bps rate hike by the central bank to 4.75%, and expect for more as the terminal rate is assessed at 5.8% for the meeting next year on March 21.
