1) Thai stock market overview
Thailand’s SET Index closed at 1,544.81 points, increased 11.44 points or 0.75% with a trading value of 49 million baht. The analyst stated that the Thai stock market bounced back in the same direction as global markets following a positive sentiment from the U.S. long-term inflation expectations dropped more than expected to 2.8% from the previous reading of 3.1%. The rise of energy prices also boosted the Thai energy sector as well.
The analyst expected a limited gain in SET Index tomorrow, giving a support level at 1,523-1,530 points and a resistance level at 1,550-1,558 points.
2) China is tightening Covid-19 restrictions and expanding mass testing amid rising cases
Several major cities in China including Shanghai and Beijing are on high alert after Covid-19 cases on July 17, 2022, spiked to 678, its highest since the previous outbreak in April-May that led to a two-month lockdown, causing economic slowdown for the country as well as corporates with manufacturers in China.
Shanghai, one of the hardest hit in the previous outbreak, plans to hold mass testing in many of its 16 districts.
Tianjin, a city of 12 million residents near Beijing, said that it will again roll out a mass testing on its residents after finding two cases of infection. The city recently had a mass testing multiple times last month.
Meanwhile, Chengdu suspended various entertainment and cultural venues.
3) H&M to leave Russia for good
Global fast-fashion retailer H&M announced Monday that it has decided to begin the process of winding down its business in Russia, joining a growing number of corporations that have decided to permanently leave the country.
In order to offload leftover stock in Russia, physical stores will reopen for a limited time as part of the winding down process. The total cost to the H&M Group from the wind-down is estimated to be around 2 billion Swedish crowns ($191.3 million), with a cash flow effect of around 1 billion crowns will have a cash flow impact.
Russia was the sixth largest market for H&M.