Thailand’s SET Index closed at 1,384.51 points, increased 4.88 points or 0.35% with a trading value of 40.29 billion baht. The analyst stated that the Thai stock market increased similarly to the regional market, following the higher-than-expected inflation figures from the US. However, the breakdown of inflation data showed that some of the prices such as shelter and rent declined from the previous month. Meanwhile, inventors expected the US Federal Reserve to cut interest rates by the end of 2Q24.
The analyst expected the market to extend its gain tomorrow.
According to the data from Edison Research reported by CNBC, President Joe Biden had won enough delegates—at least 1,968—to secure his place as the Democratic Party’s nominee on Tuesday, posting the first potential rematch for the US presidential election in nearly 70 years.
Donald Trump was also expected to settle as the Republican Party’s nominee after missing only 139 additional delegates to reach the requirement of 1,215 on Monday, while his place for the party’s nomination could be stated as predetermined after his only remaining rival, former UN Ambassador Nikki Haley, lost 14 out of 15 primary elections on Super Tuesday.
Meanwhile, the general election this year had received less attention, as both possible candidates were unpopular among the majority of voters. A number of voters for the Democratic Party showed frustration toward Biden for his support for Israel’s war in Gaza, while on the other hand, the fact that Trump was charged with a large amount of criminal charges could also send a negative perception to the suburban, well-educated voters.
Chinese property developer Country Garden Holdings Co. missed a coupon payment on a yuan bond for the first time, according to the report from Bloomberg who cited a source familiar with the matter.
The report stated that Country Garden failed to pay a 96 million yuan coupon that was due Tuesday for its 4.8% bond series maturing in 2026. There will be a 30 trading-day grace period for the Chinese developer to pay its debt before a call default.
The share price of Country Garden snapped its three-day winning streak on Tuesday and fell as much as 4.9% to HKD0.58 per share.
China’s property developers are still struggling with low demand from home buyers despite several measures from the government.
Mr. Julapun Amornvivat, Deputy Minister of Finance, told ‘Kaohoon’ that the report from Bloomberg that cited local media that claimed the Thai PM is aiming to step down from the position of finance minister was false and baseless, while also criticizing the global media outlet for reporting such news. He also noted that the resignation must be done in accordance with a reshuffle and reaffirmed that the said report is false.
