1) Thai stock market overview
Thailand’s SET Index closed at 1,589.16 points, decreased 4.08 points or 0.26% with a trading value of 59 billion baht. The analyst stated that the Thai stock market was fluctuated due to concerns that tension between China and US could flare up from the visit of U.S. House of Representatives Speaker Nancy Pelosi in Taiwan later tonight.
Meanwhile, lower PMI of China, U.S. and Europe also came out lower, causing concerns of recession.
2) Tourism in Thailand surges in July after Covid restrictions lifted
The Ministry of Transportation revealed that international arrivals in July were over one million, compared to an average of 500,000 arrivals in the first six months of this year. Meanwhile, passengers for air traffic in July, combining both domestic and international, reached more than two million.
Surge in tourist arrivals came after Thailand gradually lifted Covid-19 restrictions for inbound travellers and easing high alert areas in the cities on 1 May and a full lift on 1 July.
3) The visit of Pelosi in Taiwan sparked tension between China and US
The visit of U.S. House of Representatives Speaker Nancy Pelosi in Taiwan had caused tension between China and the U.S. to rise as Beijing warned Washington not to interfere with its One-China policy.
Pelosi is expected to arrive in Taiwan later tonight after visiting Singapore yesterday and Malaysia today on her trip to Asia.
Stock markets in Asia all closed lower on Tuesday with Hang Seng Index leading the fall with 2.36%, SSEC fell 2.26% and Nikkei dropped 1.42%.
4) US to bar chipmakers equipment to export to China
The Biden Administration was discussing the possibility of passing a regulation to bar exports of U.S. chipmakers equipment to China, as reported by Reuters citing sources not to be identified.
The matter was in an early stage and no proposal for regulation draft as of now, but the barring was seen as to build competitiveness in the U.S. market while lowering Chinese efforts on its advanced businesses in chipmakers.