1) KSS expects negative session as SET Index falls below 1,500
Krungsri Securities (KSS) expected the Thai stock market to further decline to the range of 1,485-1,490 points despite the positive outlook on Thai exports and settlement of NAV for the third quarter. However, Fed’s uncertainties on policy rates and the potential government shutdown pressured fund flows to leave the Thai market. There could be more selloff after the main index fell below the support level of 1,500 points.
2) Wall Street rout continues as S&P 500 falls 1.5%
Stocks in Wall Street continued to decline on Tuesday as the S&P 500 dropped 1.47%, Dow Jones fell 1.14% and Nasdaq plunged 1.57%.
Wall Street’s fear gauge — the CBOE Volatility Index, known as VIX — soared 12% to the highest level since late May this year.
The US tech stocks had entered a correction, down over 10% from its peak
Earlier, Neel Kashkari, President of the Minneapolis Federal Reserve Bank, expected the central bank to continue raising borrowing rates and keep them high for some time to bring inflation to its target of 2% if the U.S. economy is resilient enough.
He noted that there is a 40% chance of ‘meaningfully higher’ interest rates.
3) US adds three more Chinese companies to imports restriction over forced labor of Uyghur
The Biden Administration further restricted imports from three more Chinese companies due to their ties with the forced labor of Uyghur minorities.
Xinjiang Tianmian Foundation Textile Co Ltd, Xinjiang Tianshan Wool Textile Co. Ltd and Xinjiang Zhongtai Group Co. Ltd were added to the Uyghur Forced Labor Prevention Act Entity List, which now has a total number of 27 entities.
