1) FSS continued to have positive outlook
Finansia Syrus Securities (FSS) expected Thailand’s SET Index to move in a sideways to sideways-up trend, boosted by its momentum after breaking the 1,570 resistance level. Domestic factors are also buoying the sentiment as well in hopes that the new government will drive Thai economy starting the final quarter and 2024. The analyst still preferred domestic plays, while electronics stocks are expected to support the market short-term.
2) China’s factory activity remains in negative territory
China’s factory activity continued to shrink for the fifth straight month in August as non-manufacturing activity hit another low for the year. The new data showed that the slowdown has yet to bottom out.
The official manufacturing purchasing managers’ index rose slightly from 49.3 July to 49.7 in August, according to reported data from the National Bureau of Statistics on Thursday. The reading was better than the median forecast for 49.4 from a Reuters poll, but still in a negative territory.
3) U.S. economic growth estimation in 2nd quarter revised down to 2.1%
The U.S. economy has a slightly lower growth in the second quarter than it has been previously estimated as businesses liquidated inventory, according to the data published by the Commerce Department on Wednesday.
The second revision of the U.S. GDP growth revised down to 2.1% from the 2.4% pace reported last month.
