Finansia Syrus Securities (FSS) expected Thailand’s SET Index to move in a sideways to sideways-up trend within the range of 1,430-1,443 points, boosted by the market expectations of the Fed to maintain interest rates at the meeting in November and December. Meanwhile, some of the Fed’s presidents started to voice their views that the current borrowing rates are sufficient to bring inflation down to 2% target. These comments weakened US bond yield in the short-term, which resulted in a slight recovery in risk assets.
The International Monetary Fund (IMF) maintained its global growth outlook for 2023 at 3.0%, but cut growth forecast in 2024 to 2.9% from 3.0% amid slowdown in China.
The global lender warned of downside risks to worldwide economic growth, while also raised concerns over the conflict in the Middle East between Israel and Hamas that could put pressure on the economy in terms of increasing inflation.
The IMF also lowered its forecast for the world’s second-largest economy by 0.2 percentage points this year to 5% and by 0.3 percentage points next year to 4.2%.
Atlanta Federal Reserve Bank President Raphael Bostic said on Tuesday that the U.S. central bank does not need to raise borrowing costs any further. He noted that he sees no recession ahead even as the Fed’s rate hikes so far slow the economy. He added that no further rate hikes are needed to bring down inflation to its target of 2%.
Birkenstock priced its IPO at $46 a piece as it is looking to trade on Wednesday on the New York Stock Exchange under the “BIRK” symbol.
