1) FSS expects SET Index to continue edging lower amid negative sentiment in markets
Finansia Syrus Securities (FSS) expected SET Index to continue edging lower from the negative environment in the market regarding recession fears as fund flows went into government bonds. Meanwhile, the Dollar Index is strengthening, resulting in a weaker Thai baht at THB36 a dollar, the highest in six years.
Still, the analyst maintained a positive outlook, seeing the Thai economy is recovering unlike the U.S. and Europe. However, rising inflation could result in a faster-than-expected rate hike.
2) Oil plunges 10% amid economic slowdown concerns
Oil prices plunged more than 10% last night amid growing recession fears that could trigger an economic slowdown, which would cut demand for petroleum products.
The international benchmark Brent crude closed on Tuesday at $102.77 per barrel, fell $10.73 or 9.45%. The West Texas Intermediate (WTI) fell below $100 mark to close at $99.50 per barrel, dropping $8.93 or 8.24% per barrel.
Meanwhile, oil prices started to bounce back slightly in the morning of Wednesday. Brent crude rose 1.17% to $103.97 per barrel and WTI gained 0.70% to $100.20 per barrel.
3) Chinese EV producers BYD dethrones Tesla in 1H sales
Warren Buffett-backed Chinese group BYD beat Tesla in global electric vehicle sales in the first half of 2022. BYD sold 641,000 units (+315% YoY) in the first half while Tesla managed to sell 564,000 units. Elon Musk’s Tesla was hit by supply chain hiccups and a lockdown in Shanghai earlier this year, resulting in it missing sales targets.
4) 3 UK officials resign in protest of PM Boris Johnson’s leadership
Three senior UK officials resigned on Tuesday in protest over Prime Minister Boris Johnson’s leadership.
British Chancellor of the Exchequer Rishi Sunak, Health Secretary Sajid Javid and Solicitor General Alex Chalk handed in their resignation letters.
It has been one month since the British PM barely survived the no-confidence vote brought by his own party.