Krungsri Securities (KSS) expected Thailand’s SET Index to move within the range of 1,365-1,390 points. Despite a positive sentiment from the US GDP that came in higher than expected and higher crude oil price due to tension in the Middle East, foreign fund flows remain weak in concerns of the Fed’s rate cut and that the policy rates could remain at a high level for longer.
LVMH Moet Hennessy Louis Vuitton SE recorded historic-high revenue of €86.2 billion in 2023, an increase of 13% from 2022 and also in line with expectations. Meanwhile, profit from recurring operations was at €22.8 billion, up 8%.
All business segments reported growth in 2023 with Selective Retailing grew 21%, Perfumes & Cosmetics rose 10% and Fashion & Leather Goods expanded 9%.
Europe, Japan and the rest of Asia recorded a double-digit organic growth.
The share price of Tesla fell 12% Thursday in the worst trading day since 2020 after the automaker missed expectations and warned of a slowdown in the auto industry in 2024. This dragged EV stocks in Asia down for the second day.
CNBC Mad Money’s Jim Cramer was disappointed with Tesla missing expectations that he says the EV giant is no longer a Magnificent Seven stock.
Morgan Stanley’s analyst stated that China requires more coordinated market stabilization efforts and sufficient stimulus for the stock market recovery.
This came a few days after the central bank of China had cut RRR and MLF rate.
