CGS International Securities (Thailand) expected Thailand’s SET Index to move within the range of 1,350-1,365 points as the market is looking ahead to crucial economic data, including US PCE for April, expecting to rise 0.30% MoM and 1Q24 GDP, expecting to grow 1.20% QoQ. Meanwhile, Chinese PMI and Thai current account balance will be announced later this week.
The International Monetary Fund (IMF) has increased its projection for China’s economic growth in 2024 to 5% from the previous estimate of 4.6%. The upward revision is attributed to the robust first-quarter performance and recent policy initiatives implemented in the country.
This adjustment comes after an IMF mission conducted a routine evaluation in China. The organization now anticipates a growth rate of 4.5% for China’s economy by 2025, up from the previous prediction of 4.1%.
On Tuesday, the Nasdaq Composite index achieved a historic high, crossing the 17,000 mark for the first time ever. This milestone was propelled by gains in Nvidia, leading to a 7% surge in its stock price. While the S&P 500 saw marginal gains, the Dow Jones Industrial Average closed lower, influenced by increasing Treasury yields.
Nvidia’s notable performance also lifted other chip stocks, contributing to a 1.9% rise in a semiconductor index as traders returned to the market following an extended weekend due to the holiday.
