Thailand’s SET Index closed at 1,316.73 points, increased 10.32 points or 0.79% with a trading value of 38.35 billion baht. The analyst stated that the Thai stock market outperformed the regional markets, as investors speculated in stocks after the joint announcement from the Ministry of Finance, the Stock Exchange of Thailand, and the Securities and Exchange Commission on the adjustment of the condition of the TESG fund and the regulating measures.
The analyst expected the market to trade sideways tomorrow.
Official data revealed that China’s fiscal revenue experienced a 2.8% drop in the first five months of 2024 compared to the previous year, a faster decline than the 2.7% decrease observed in the January-April period. This decline is attributed to weak demand hindering the economic recovery.
Meanwhile, fiscal expenditure increased by 3.4% in the first five months, slightly lower than the 3.5% growth recorded in the initial four months, as reported by the finance ministry data.
In May, fiscal revenue decreased by 3.2% year-on-year, while fiscal spending saw a 2.6% rise. This is a slight improvement from the 3.7% decline and 6.1% rise in April, respectively.
China is calling for the European Union to reverse its decision to impose provisional tariffs on Chinese electric vehicles (EVs) following an agreement to engage in new discussions, as per Global Times reported by CNBC.
The country’s commerce minister, Wang Wentao, and Valdis Dombrovskis, the executive vice president of the European Commission, have agreed to initiate talks regarding the EU’s anti-subsidy investigation into Chinese EVs, as per Beijing’s statement.
China is seeking the European Commission to retract its tariff ruling by July 4 and adhere to World Trade Organization regulations, with observers quoted by Global Times emphasizing this desired outcome.
If no resolution is reached during the discussions with Chinese authorities, the EU’s provisional duties of up to 38.1% on Chinese EV imports are slated to come into effect by the specified date, in addition to the existing 10% duty on imported EVs.
