Thailand’s SET Index closed at 1,415.41 points, decreased 12.62 points or 0.88% with a trading value of 73.98 billion baht. The analyst stated that the Thai stock market fell sharply, in line with the international markets, following the selloff of energy and oil refinery stocks after oil prices slumped. Additionally, profit-taking activities targeting prominent stocks such as SCC and retail stocks added pressure to the index.
Investors remained attentive to the forthcoming inflation data announcement from the US, with concerns that below-par results could prompt the US Federal Reserve to consider an interest rate cut, potentially redirecting investments towards the ASEAN region.
Amidst these developments, the analyst anticipated a sense of optimism for a market recovery the following day as investors awaited policy updates from the Thai government and the outcome of the European Central Bank’s meeting.
European companies operating in China are expressing skepticism about the government’s ability to effectively stimulate demand in the struggling economy or implement promised reforms, leading to a decreased willingness to invest in the country.
The European Union Chamber of Commerce in China noted in its latest Position Paper that many of its 1,700+ member firms are starting to accept that the challenges they encounter may be enduring issues rather than temporary hurdles typical of an emerging market.
On Tuesday, OPEC made the decision to reduce its projection for global oil demand growth in 2024, citing data obtained throughout the year so far and also revising down its expectations for the following year. This adjustment marks the group’s second consecutive decrease in forecast.
The revised forecast highlights the ongoing dilemma faced by OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies like Russia, in their efforts to stabilize the market. Given the recent drop in oil prices to the lowest level of 2024, OPEC+ recently postponed plans to increase oil production.
Following the end of the presidential debate between Donald Trump and Kamala Harris, betting odds for both candidates are fastened at -110, with the next in line: JD Vance and Michelle Obama tied at +8,000. Additionally, the poll suggests Harris’ odds of winning increase to 56 in the prediction markets, according to Predictit. Whereas, Reuter poll shows Harris winning at 48.4 against Trump 47.3 on approval ratings.
Flash figures on Wednesday indicated that the U.K. economy remained stagnant in July on a month-on-month basis, while economists polled by Reuters had expected a growth rate of 0.2%. This follows the trend of no GDP growth recorded in June.
Despite the unchanged overall GDP, the services sector experienced modest growth of 0.1% in July. However, there was a decline in production and construction output by 0.8% and 0.4%, respectively.
Over the three-month period ending in July, the UK’s economic growth increased by 0.5%, slightly below expectations and the 0.6% growth observed in the second quarter ending in June.
