Kaohoon Morning Brief – 2 November 2021

1) More than 6,600 passengers arrived on first day of Thailand reopening

The first day of Thailand’s reopening to fully-vaccinated tourists saw over 3,000 visitors arrived yesterday at Suvarnabhumi Airport and another 3,613 passengers at other international airports in Thailand.


2) Oil prices rose to $85, analysts expected OPEC+ to stick to the plan

Oil prices continued to rise on Tuesday after a huge gain in the previous session as analysts expected OPEC+ to increase output at a steady pace in the upcoming meeting on November 4. On Tuesday, Brent crude returned to trade above $85 per barrel, while WTI traded at $84.28 a barrel amid tight supply and rising gas prices.


3) Malaysian stocks fell as the country expected to raise tax rate

The benchmark FTSE Bursa Malaysia KLCI index fell more than 2% on Monday after the Malaysian Finance Minister presented the government’s budget for 2022, including an increase in tax rate on corporate income of more than 100 million ringgit from 24% to 33%. The implementation is expected to take effect in 2022.


4) Wall Street closed at record high, backed by energy sector

Dow Jones closed 2.26% higher or by 94 points to close at an all-time high of 35,913 points, pushed by the energy sector that was up 1% as oil prices continued to rise amid expectations that OPEC+ is likely to keep steady pace on production increase despite the ongoing energy crisis.