1) FSS hopes for technical rebound after stocks plunge into oversold territory
Finansia Syrus Securities (FSS) expected Thailand’s SET Index to move in a sideways trend with a crucial support level around 1,460 points, but still hoped for a technical rebound as RSI showed stocks were in an oversold territory. The U.S. bond yield continued to pressure the market due to speculation that the Fed could raise the rate one more than and maintain it for longer. Meanwhile, the energy sector would be pressured by declining crude oil prices.
2) China records nearly 400 million domestic tourist trips in first three days of national holiday
China has recorded nearly 400 million domestic tourist trips in the first three days of the National Holiday in October, rising 75.8% YoY while tourism revenue surged 125.3% YoY, according to the tourism ministry’s statement.
Meanwhile, visitor arrivals in Macau in the first 3 days of China’s Mid-Autumn Festival & National Day holiday showed that it reached 88% of the pre-pandemic levels.
3) Japan is ready to take all possible steps to rescue weak yen
The Japanese government is reportedly closely monitoring the situation of its currency, expecting to take all possible steps if needed, according to the Finance Minister Shunichi Suzuki on Tuesday as the yen is trading near 150 line against the U.S. dollar.
The government occasionally intervened in the market when yen broke that resistance level.
