Thailand’s SET Index closed at 1,395.57 points, decreased 24.15 points or 1.70% with a trading value of 55.29 billion baht. The analyst stated that the Thai stock market stumbled below the 1,400-point mark due to the significant selloff of big-cap stocks, notably CPALL and CPAXT, which saw substantial trading volumes.
The downturn in the market was also attributed to the depreciation of the Thai baht, prompting foreign investors to offload stocks from the index. Additionally, concerns ahead of the impending US Fed meeting led some investors to divest their holdings to manage risks, particularly as the central bank’s stance on interest rate adjustments in 2025 remains uncertain.
The analyst expected the Thai market to trade sideways tomorrow with market participants keeping a close watch on the Monetary Policy Committee’s decision regarding interest rates.
Minutes released on Tuesday revealed that South Korea’s central bank officials emphasized the importance of taking swift and proactive measures to address the decelerating economy, leading to the decision to cut interest rates on November 28th.
A recent survey highlights growing pessimism among foreign CEOs regarding China’s economic prospects despite waves of stimulus from Beijing to boost its economy.
Sentiment among predominantly American and European executives slid to 49 from 56, marking the first shift towards pessimism since the Covid-19 pandemic. The survey was carried out from September 30 to October 28, post-enhancement of stimulus measures like interest rate cuts, and before Donald Trump’s electoral victory with his tariff threats on Chinese exports.
German Chancellor Olaf Scholz lost the vote of no confidence that he himself called on Monday. This decision clears the path for an early election, which is expected to take place on February 23, 2025.
Scholz’s political situation has become increasingly difficult since last month, when the pro-market Free Democrats left his three-party coalition. This left Scholz’s Social Democrats (SPD) and the Greens without a parliamentary majority during the ongoing economic crisis.
President-elect Donald Trump and Masayoshi Son, CEO of Softbank Group, announced $100 billion in the U.S. for the next four years to boost its economy.
Trump said that this investment, which will be focused on artificial intelligence and its related infrastructure, would help create 100,000 jobs. The investment is expected to be complete before the end of the Trump presidency.
