Thailand’s SET Index closed at 1,431.13 points, increased 3.49 points or 0.24% with a trading value of 87.21 billion baht. The analyst stated that the Thai stock market exhibited a deceleration in its upward momentum following a consistent upward trend in the previous week. This trend was also influenced by subdued market sentiment across Asia, triggered by disappointing job data from the US, leading to apprehensions about a potential economic recession. Meanwhile, investors awaited the initial debate involving Donald Trump and Kamala Harris.
The analyst expected the Thai market to trade sideways tomorrow.
China’s consumer price index (CPI) increased by 0.6% year-on-year in August, falling short of expectations due to declines in transportation, home goods prices, and rents. The CPI was anticipated to rise by 0.7%, according to a Reuters poll.
Despite a 2.8% increase in food prices year-on-year in August, led by significant surges in pork and vegetable prices, the CPI only saw a moderate growth.
Japan’s second-quarter economic growth was slightly lower than initially reported, attributed to reduced figures in corporate and household spending, indicating a potentially challenging second half for consumption and the central bank’s interest rate hike strategy.
The country’s gross domestic product grew by an annualized rate of 2.9% in the April-June quarter, below economists’ median forecast of 3.2% and the preliminary estimate of 3.1%.
U.S. Treasury Secretary Janet Yellen provided reassurance to the public on Saturday regarding the strength of the U.S. economy, amidst concerns stemming from a series of lackluster job reports that have unsettled investors and impacted the stock market.
Yellen acknowledged a slowdown in job growth compared to the initial surge following the reopening post-Covid-19. However, she emphasized that the economy is deeply entrenched in a recovery phase and is currently operating at near full employment.
