1) Thai stock market overview
Thailand’s SET Index closed at 1,530.46 points, increased 1.45 points or 0.09% with a trading value of 44 billion baht. The analyst stated that the Thai stock market edged slightly higher after a plummet yesterday as the market lacked positive catalysts, while investors were waiting for the U.S. job data later today. The analyst expected SET Index to move in a sideways trend next week and advised to keep an eye on the forming of the new government and the release of inflation data for Thailand and U.S.
2) Thai tourism revenue tops trillion baht in first seven months with 15 million foreign visitors
Foreign arrivals to Thailand in the first seven months of this year surpassed 15 million, the Ministry of Tourism and Sports reported on Friday, with total revenue from the tourism sector exceeding one trillion baht.
From January to July, Thailand’s tourist industry brought in roughly 1.085 trillion baht, with 638 billion baht of that coming from the spending of international visitors, the official data showed.
The second-largest economy in Southeast Asia has welcomed 15,322,175 foreign visitors so far this year, a 384% increase from the same period last year, with Malaysia and China being the biggest import markets.
The ministry expects the number of incoming tourists to reach the target of not less than 25 million by the end of the year, thanks to the robust recovery momentum.
3) Economists Expect US Employment Growth to Slow Further in July, But Remain
The Labor Department will release employment data later today that is widely anticipated to show a tight job market, with a stable unemployment rate near multi-decade lows and slower pay growth.
This would be in line with last month’s strong consumer spending and June’s sharply lowering inflation increase.
Eighty economists polled by Reuters forecast an increase from June’s 209,000 to July’s 200,000 in nonfarm payrolls. That would be the smallest increase since December 2020.
Economists who predicted a slowdown by the fourth quarter are now confident that the Fed’s “soft-landing” scenario is possible.
Senior economist at Wells Fargo Sam Bullard stated, “There are signs that labor demand is decelerating, but it’s not like it’s fallen off a cliff.”
“Certainly, if we get another payrolls number in the 200,000 region, that would add to evidence that the Fed can engineer a soft landing.”
