Thailand’s SET Index closed at 1,306.56 points, decreased 5.22 points or 0.40% with a trading value of 38.62 billion baht. The analyst stated that the Thai stock market extended its losses amid investment pressure, including political concerns, slow growth of the Thai economy, and an unclear budget scheme. The market was also pressured by the selloff of electricity stocks.
The analyst expected the market to continue sliding as investors monitored the consideration of the three political cases, which could cause the market to experience volatility.
The Bank of Japan has maintained its benchmark interest rate at 0%-0.1%, stating that Japan’s economy has recovered moderately, although some weakness has been seen in part. The central bank announced its intent to reduce bond purchases in the future to allow long-term interest rates more room for adjustment.
The Stock Exchange of Thailand (SET)’s Board of Governors today unanimously appointed Asadej Kongsiri to be the exchange’s 14th president for a four-year term effective from September 19, 2024. His appointment followed a comprehensive selection process. He will commence work on August 1, 2024, in transition prior to his official role.
Saudi Arabia has made the strategic decision to not renew its long-standing 50-year petrodollar agreement with the United States, which terminated on June 9, as reported by various media outlets. The agreement, first established on June 8, 1974, has historically served as a cornerstone of US economic power on the global stage.
By opting not to prolong this pact, Saudi Arabia is now free to conduct transactions involving oil and other commodities in currencies beyond the US dollar, including the Chinese RMB, Euros, Yen, and Yuan. There is also contemplation regarding the utilization of digital currencies like Bitcoin for future transactions, signifying the start of a significant transformation in the dynamics of the global economy, although its complete ramifications on international trade and financial systems are yet to be fully comprehended.
Chinese automotive companies surpassed their U.S. competitors in car sales for the first time last year, as reported by Jato Dynamics. Chinese brands, including the prominent BYD based in Shenzhen, sold a total of 13.4 million new vehicles, exceeding the roughly 11.9 million sold by American brands. Japanese brands led the pack with 23.59 million sales.
The sales growth in China also outpaced that of the U.S., with a notable 23% increase from the previous year, compared to the modest 9% growth in the U.S. market. Jato’s senior analyst, Felipe Munoz, attributed this shift to the legacy automakers’ neglect leading to consistently high car prices, subsequently driving consumers towards more affordable Chinese alternatives.
Trading in U.S. dollars, the euro, and Hong Kong dollars was brought to a standstill on Russia’s primary stock exchange on Thursday, following the imposition of new U.S. sanctions targeting Moscow’s military operations.
The Bank of Russia announced the suspension of trading sessions involving foreign-exchange, precious metals, and derivatives markets on the Moscow Stock Exchange that utilized said currencies due to the impact of U.S. sanctions.
Nevertheless, currency trading will persist in the over-the-counter market, where transactions occur directly between parties without exchange supervision.
