1) FSS expects SET Index to edge higher, following positive sentiment in regional markets
Finansia Syrus Securities (FSS) expected the Thai stock market to move in sideways to sideways-up trends within the range of 1,555-1,570 points. The uptrend momentum should follow overseas markets in hopes that Biden could reach a deal with China in cutting tariffs to lower its inflation rate. However, upside is still limited as the market is monitoring US payroll and inflation next week.
Nevertheless, the analyst expected the Thai stock market to remain strong, boosted by economic recovery and border reopening.
2) Thai inflation rose to 14-year high in June amid surging food and energy prices
Thai inflation in June beat forecasts as energy prices continued to rise while people were struggling with higher cost of living, according to the report from the Ministry of Commerce earlier this morning.
Thailand’s Consumer Price Index for June 2022 rose 7.66% YoY, higher than the consensus of 7.5% and also higher than the previous reading of 7.1% in May. Core inflation which excludes food and energy prices expanded 2.51% YoY.
The average CPI for the first six months of 2022 is at 5.61% and core CPI at 1.85%.
3) Biden to lift tariffs on Chinese imports as soon as this week
The U.S. President Joe Biden could soon lift tariffs on some Chinese imports imposed by Donald Trump during his presidential term, according to the report from the Wall Street Journal. The lift is expected to be as soon as this week.
The move was seen to lower soaring inflation in the U.S. that reached a more than 40-year high.