1) Thai stock market overview
Thailand’s SET Index closed at 1,535.31 points, decreased 10.19 points or 0.66% with a trading value of 44 billion baht. The analyst stated that the Thai stock market traded lower, pressured by the power generator and energy stocks from the new measures by the government to ease costs of living. Meanwhile, the market sold off to lower the risk before the announcement of US inflation tonight.
The index that broke the resistance level of 1,540 also posted a negative outlook to the market as well. The analyst said that the stock market could bounce back if US CPI comes out lower than expected.
2) New Thai government reveals first economic measures to boost growth
The news flash from the first cabinet meeting led by the new PM and Minister of Finance of Thailand, Mr. Srettha Thavisin has announced the crucial approved measures on the most practical promised policies.
The new economic stimulus includes cutting electricity prices to ease household burden of households and also cutting retail diesel prices below THB 30 per liters.
However, there’s still no sign or any resolution for the infamous THB 10,000 digital wallet policy yet as the policy is widely expected to be a huge driver for the Thai economy.
3) Driest climate hinders India’s sugar production to 4-year low as prices spike
Maharashtra, India’s top state and the one-third sugar production stream, has dried out by yearly 14% to only 9 million metric tons, the lowest level in four years. The planted sugar canes are receiving 59% less rainfall than usual, which is the driest climate in centuries, according to Reuters.
According to the India weather department, this September rainfall could limit the damage caused by last month’s dry spell. The low agricultural production has forced the Indian government to ban mills from exporting sugar for the first time in seven years, starting from next month onward.
India is already in a food inflation crisis and the depressing low sugar may kick the inflation higher not just India alone but globally as well as ICE Sugar NO.11 price is skyrocketing to the decade high. The current sugar future price is around $26 per 112,000 pounds contract which doubles the usual price.
