RHB Securities (Thailand) expected the Thai stock market to move in the same direction as foreign markets, boosted by the lower-than-expected US non-farm payroll, which led to investors being hopeful on future rate cuts by the Federal Reserve in December. Meanwhile, Thailand’s inflation edged higher, reflecting an up trend in the second half of the year.
The April nonfarm payrolls report, indicating an addition of 175,000 jobs, fell short of the 240,000 jobs projected by economists surveyed by Dow Jones. The unemployment rate also inched up to 3.9% from the previous month’s 3.8%, as reported by the Bureau of Labor Statistics. Wage data came in lower than anticipated, providing a hopeful indication for inflation.
Goldman Sachs wrote in a note stating that the firm continues to expect two rate cuts this year, in July and November, saying that the April employment report was soft but not weak.
Meanwhile, the probability of rate cuts in September were about 70% as of Monday, based on CME’s FedWatch Tool.
Apple is reportedly in the process of creating its own chip specifically designed to operate artificial intelligence (AI) software in servers located in data centers. This initiative, known internally as Project ACDC (Apple Chips in Data Center), could potentially provide Apple with a competitive edge in the ongoing AI race, as reported by the Wall Street Journal.
