Thailand’s SET Index bounced back after a sharp plunge at the opening bell on Tuesday morning as the index fell below the 1,600 level, following the plummet in Wall Street last night as the S&P 500 closed in a bear market. The SET Index rose 4.08 points or 0.25% to 1,604.14 points as of 10:49 local time in Thailand.
Asian markets continued to trade lower as investors showed signs of concerns on the more aggressive moves by the U.S. Federal Reserve to hike interest rate by 0.75 basis points after inflation in May rose as much as 8.6% year over year.
Nikkei fell 2.00%, SSEC dropped 1.81%, Hang Seng Index slipped 1.22%, ASX 200 plunged 4.81%, while IDX Composite rose 0.50%.
Yesterday, Dow Jones closed 2.79% lower at 30,516.74 points, while Nasdaq plunged 4.68%. The S&P 500 dropped 3.9% to its lowest level since March 2021. The index fell more than 21% from its previous peak in January.
Goldman Sachs, Nomura and JPMorgan are now seeing 75 bps rate hikes this week and also in July as well. Last time the Fed made a 75 bps rate hike was in 1994.
