Thailand’s SET Index closed at 1,274.67 points, decreased 38.41 points or 2.93% with a trading value of 58.74 billion baht. The analyst stated that the Thai stock market sharply decreased to the lowest point in nearly four years, following concerns over economic recession in the US after the country announced weaker-than-expected jobs data. The development bolstered the chances for the US Federal Reserve to cut interest rates by 50 basis points, sending pressures to the global markets.
The analyst expected the Thai market to trade within the range tomorrow.
The United States is considering proposing a ban on Chinese software in autonomous vehicles in the coming weeks due to security apprehensions.
Sources, who chose to remain unidentified, revealed that the Biden administration is preparing to introduce a rule that would prohibit the usage of Chinese software in American vehicles equipped with Level 3 automation and higher.
The primary worry of the government pertains to potential threats posed by smart vehicles utilizing Chinese software, as there are fears that such systems could collect sensitive data concerning US citizens and critical infrastructure, subsequently transmitting this data to China.
Economists at Goldman Sachs have revised their forecast, indicating a higher likelihood of the U.S. economy slipping into a recession within the next 12 months.
The revised forecast came after a recent report demonstrating signs of a weakening job market. Goldman Sachs now estimates a 25% probability of an economic downturn, up from their previous projection of 15%.
UBS Global Wealth Management likened entering the Japanese market at this juncture to catching “a falling knife,” as both the Nikkei 225 and the Topix continued their downward trajectory, surpassing a 12% decline and entering bear market territory.
The Nikkei’s plummet of 12.4% marked its most significant decline since the tumultuous “Black Monday” of 1987.
