1) Thai stock market overview
Thailand’s SET Index closed at 1,584.52 points, decreased 28.82 points or 1.79% with a trading value of 92 billion baht. The analyst stated that the Thai stock market edged lower, following the global market in concerns of the U.S. Fed to raise interest rates more aggressively after the inflation rate in April was higher than expected. Meanwhile, investors also offloaded stocks to lower the risk prior to the MSCI rebalance as well.
The analyst stated that the Thai stock market could have a technical rebound tomorrow, giving a support level at 1,575-1,580 points and a resistance level at 1,600-1,605 points.
2) Russian oil revenue rises 50% despite embargoes from major importers
Russia’s oil revenue is up by 50% this year even at a time when the global importers shunned supply amid the country’s invasion in Ukraine, the International Energy Agency said.
According to the Paris-based IEA said in its monthly market report, Moscow earned roughly $20 billion each month in 2022 from combined sales of crude and products amounting to about 8 million barrels a day.
3) Further rate hikes are needed to fan down inflation, says BOE’s deputy governor
The Bank of England will have to raise interest rates further to control surging prices and there are risks that the UK’s worse inflation crisis in decades will likely take longer to ease fully, according to Deputy Governor Dave Ramsden of Bank of England.
In an interview with Bloomberg, Ramsden said the jobs market could prove stronger than the BOE anticipates, feeding more persistent price gains. Inflation is already at 7%, and likely to top 10% before the end of the year.