Thailand’s SET Index closed at 1,366.94 points, decreased 29.44 points or 2.11% with a trading value of 62.39 billion baht. The analyst stated that the decline in the Thai stock market was in the same direction as global markets following a rise in bond yields after strong economic data in the US, which lowered the chance of a rate cut. Meanwhile, tension in the Middle East could also accelerate inflation once again.
The analyst expected the SET Index to rebound tomorrow, but with a limited upside.
The International Monetary Fund (IMF) revised its global growth forecast slightly higher on Tuesday, stating that the economy has demonstrated notable resilience despite challenges such as inflationary pressures and shifts in monetary policy.
According to the latest update, the IMF now anticipates a global growth rate of 3.2% for 2024, reflecting a marginal increase of 0.1 percentage point from the previous January projection. This growth forecast aligns with the projection for 2023, with further expansion expected to continue at a rate of 3.2% in 2025.
Seafood restaurant chain Red Lobster is reportedly considering a Chapter 11 bankruptcy filing to embark on a debt restructuring endeavor. The restaurant brand has sought counsel from the law firm King & Spalding in contemplating potential actions related to long-term contracts and a broad spectrum of leases. Challenges such as burdensome leases and labor costs have impeded Red Lobster’s cash flows, prompting discussions around debt reorganization and negotiation processes. A decision on the bankruptcy filing is pending, with the possibility of operating under Chapter 11 to facilitate the formulation of a debt reduction strategy.
The inflation rate in the UK decreased to its lowest level since September 2021, falling to 3.2% in March from 3.4% in February, as reported by the Office for National Statistics (ONS). This decline, although marked, did not meet the City’s expectations of a more significant drop to 3.1%, raising concerns about the persistently high inflation levels.
