1) Thai stock market overview
Thailand’s SET Index closed at 1,533.43 points, decreased 11.38 points or 0.74% with a trading value of 57 billion baht. The analyst stated that the Thai stock market edged lower in concerns that the economic crisis in Myanmar could have an impact on Thai businesses that invest in the country. Meanwhile, investors were looking toward the U.S. economic data and the upcoming Fed’s meeting later this month.
2) Brokers cut Netflix target price amid projection of losing 2 million subscribers in 2Q22
Netflix is poised to announce its second-quarter earnings later today after a disappointing performance in the previous quarter at a loss of subscribers.
The company earlier projected a 2 million loss of subscribers in 2Q22 in which Refinitiv consensus also came up with the same number.
Amid concerns of slower growth and lower subscribers, some securities houses are cutting Netflix’s target price simultaneously. Rosenblatt Securities cuts Netflix’s target price to $196.00. UBS Group trims the price to $198.00 per share.
3) Euro rises on report of ECB to discuss 50bps rate hike
The euro reached its highest level in almost two weeks on Tuesday as reports emerged that the European Central Bank would discuss raising interest rates by 25 or 50 basis points at Thursday’s meeting.
The euro hit a day high of US$1.0230, a gain of 0.7% since the beginning of the trading day. The currency, shared by 19 European countries, fell to a 20-year low near parity with the dollar last week, on fears that an energy crisis could send Europe into recession. Meanwhile, the US currency was boosted by expectations that the Federal Reserve will continue to aggressively tighten policy to combat inflation.
4) Thai Commerce Ministry expects to intervene to contain rising meat prices
Major poultry stocks dropped sharply on Tuesday after the Commerce Ministry asked retailers and shops to lower the price of bottled palm oil, chicken and meats.
The Deputy Government Spokesperson Ratchada Thanadirek said on Monday that the Ministry of Commerce is working to reduce the price of bottled palm oil even further. The Ministry has asked the retailers, shopping malls, and local businesses to lower the price of bottled palm oil by THB3-THB4 within the week, following a reduction of THB5-THB6 last week.
The Commerce Ministry also asked for cooperation from slaughterhouses to reduce the price of chicken and pork as costs declined.