Thailand’s SET Index closed at 1,304.39 points, decreased 10.11 points or 0.77% with a trading value of 54.27 billion baht. The analyst stated that the Thai market exhibited a sharp decrease by as much as 3% at the beginning of the trading session, surpassing the 1-2% downturn in other Asian markets. However, support emerged when the index dipped below 1,290, leading to some buying activity that alleviated pressure towards the session’s closing hours. The market’s downward trend was primarily linked to escalating worries regarding intensifying trade war.
The analyst expected the Thai market to potentially rebound tomorrow.
China’s factory activity showed signs of slowing down in January as the country readied itself for the impact of forthcoming U.S. tariffs.
The Caixin/S&P Global manufacturing purchasing manager’s index (PMI) registered at 50.1, slightly below the 50.5 anticipated by a Reuters poll.
In anticipation of de-escalating tariffs and tighter technology restrictions from the Trump administration, Beijing is crafting an initial proposal to revive trade discussions with the United States.
The European Union commenced the enforcement of its artificial intelligence legislation, signaling a shift towards stringent oversight and significant penalties for non-compliance.
The EU AI Act officially took effect in August 2024. With the deadline for new restrictions on certain AI systems being met on Sunday, companies are now required to comply fully or risk penalties.
The struggling eurozone manufacturing sector began showing signs of stabilizing as companies grew more optimistic, despite escalating costs and potential U.S. tariffs.
The final eurozone manufacturing Purchasing Managers’ Index from HCOB, compiled by S&P Global, rose to 46.6 in January, a higher figure compared to the preliminary 46.1 forecast and edging closer to the 50 threshold that distinguishes between expansion and contraction.
As US President Donald Trump is expecting to discuss with Canada and Mexico following his additional tariffs that triggered a decline in US stocks and sparked a trade war, he escalated his tariff threats toward the European Union as well.
Trump promised to contact Canadian Prime Minister Justin Trudeau and Mexican leaders to discuss the additional 25% tariffs, set to take effect on February 4, 2025. Trump expressed confidence that the two nations would pay what they owe to the US.
