Kaohoon Morning Brief – 17 May 2022

1) Thai 1Q22 GDP grows 2.2% YoY, beating expectations

Thailand’s gross domestic production in the first quarter of 2022 grew at a faster-than-expected rate at 2.2% from the same period last year, according to the official data showed on Tuesday. The growth of the Southeast Asia second-largest economy came from strong exports and the relaxation of Covid-19 restrictions despite higher inflation that affects domestic consumption.

The economic growth in 1Q22 beat expectations by economists that expected the Thai economy to grow 2.1% YoY. The economy grew at a seasonally adjusted 1.1% from the previous three months and also beat expectations by Reuters poll of 0.9% growth.


2) Shanghai expects to reopen from June 1

Shanghai aims to reopen broadly, which would allow normal life to resume for the city with 25 million population from June 1, according to the city’s official on Monday. Shanghai declared that 15 of its 16 districts had eliminated cases outside quarantine areas.

However in the broader picture, it is estimated that 46 cities in China will continue to go under lockdowns as Covid-19 cases remain relatively high.


3) Oil prices rise in response to Shanghai reopening

Oil prices rose on Monday in response to optimism of reopening in Shanghai city, China, after the city had been struggling to control the resurgence of Covid-19 in a couple of past few months that eventually resulted in a lockdown. 

On Monday, the international benchmark Brent crude rose 2.4% to $114.24 per barrel, while the West Texas Intermediate rose 3.4% to $114.20 per barrel.


4) Elon Musk hints of Twitter deal at lower price

Tesla CEO Elon Musk hinted that he could seek to renegotiate the price of his Twitter takeover worth $44 billion, saying a deal at a lower price was not out of the question, according to the report by Bloomberg.

The statement came after the share price of Twitter continues to drop after the announcement of Musk’s takeover. The price dropped from Musk’s offer at $54.20 a piece to $37.39 on Monday.