Thailand’s SET Index closed at 1,419.72 points, decreased 11.95 points or 0.83% with a trading value of 40.48 billion baht. The analyst stated that the Thai stock market dropped sharply following situations surrounding CPALL and CPAXT, as well as the selloff of hospital stocks.
The analyst expected the Thai market to potentially bear a technical rebound tomorrow, with investors monitoring the meeting of the Monetary Policy Committee due this week.
South Korean President Yoon Suk Yeol has been removed from office following the controversial one-night martial law he declared in early December. In the interim, his prime minister has assumed leadership while the Constitutional Court decides on Yoon’s fate.
China’s retail sales in November experienced a year-on-year increase of 3%, falling short of the 4.6% forecast in a Reuters poll.
This indicates a slower trend compared to October’s 4.8% increase, which stood as the fastest growth since February, attributed to the annual Singles’ Day shopping festival, which started more than a week prior to the 2023 event.
Moody’s downgraded France’s credit rating from Aa2 to Aa3, citing expectations of weakening finances and increasing political fragmentation that could hinder fiscal consolidation. The downgrade also reflects moderate risks, partly due to the ongoing war in Ukraine. However, France’s outlook was upgraded from negative to stable.
Christine Lagarde, President of the European Central Bank (ECB), stated that the bank is likely to further reduce borrowing costs as it moves closer to its 2% inflation target. This comes as past inflation spikes begin to ease, allowing ECB officials to concentrate on managing future uncertainties.
Goldman Sachs predicted that the Federal Reserve might indicate a deceleration in interest rate reductions, beginning in 2025, this week, while also anticipating low chances for the bank to lower the rates in January due to rising concerns over stubborn inflation and a robust employment market.
