1) FSS expects downward trend for SET Index as momentum losing tailwind
Finansia Syrus Securities (FSS) expected Thailand’s SET Index to continue moving in a sideways direction as positive momentum earlier started to dissipate after edging down to 1,540 points with a risk of trending downward. The market continued to monitor the policy outlook from the new government and the handout of THB 560 billion digital wallet.
The analyst expected there will be more clarity on the lowering of electricity bills and gas as well as a temporary free visa for inbound travellers.
2) US crude oil inventories fell to almost 40-year low
Total US crude oil inventories, including the Strategic Petroleum Reserves (SPR), fell below 800 million barrels for the first time since 1985 just a few years after the SPR was established.
Due to this huge draw, the U.S. now has only 46 days worth of supply in total reserves, which is an all-time low.
Three years prior, the U.S. made a record high of 92 days worth of supply in inventories, which is twice as much as the current level.
3) Jamie Dimon says it would be a big mistake to think US economy will stay healthy for long
JPMorgan Chase CEO Jamie Dimon waved a warning flag on Monday, saying that while the U.S. economy is doing well, it would be a huge mistake to believe that it will last for years.
“To say the consumer is strong today, meaning you are going to have a booming environment for years, is a huge mistake,” he said at a financial conference in New York.
The CEO noted that there are sitka ahead despite healthy consumer balance sheets and rising wages supporting the economy for now.
