1) Thai stock market overview
Thailand’s SET Index closed at 1,590.36 points, increased 18.96 points or 1.21% with a trading value of 63 billion baht. The analyst stated that the Thai stock market recovered, following the sentiment in global markets after several declines and boosted by the reversal of the UK’s economic plan.
The analyst stated that the SET Index could test the resistance at 1,600 points tomorrow, giving a support level at 1,580-1,575 points.
2) French unions begin nationwide strike amid rising inflation
Tuesday marked the beginning of a nationwide strike in France, with trade unions demanding wage increases amid decades-high inflation, posing the stiffest challenge to President Emmanuel Macron since his re-election in May.
The strike, which primarily affected public sectors such as schools and transportation, is an extension of the week-long industrial action that has interrupted France’s major refineries and petrol stations’ supply.
3) BYD signals for quadruple growth in 3Q22 from robust sales
The share price of Chinese biggest electric car maker BYD Co. (Build Your Dream) soared on Tuesday after the company signaled for a huge surge in 3Q22 earnings.
BYD said on October 18, the third-quarter net profit is likely to quadruple due to robust sales and a better product mix. The net profit for the July-September quarter was estimated to reach between 5.5 billion yuan and 5.9 billion yuan, representing a 333% to 365.1% increase from the same period a year earlier.
The company’s combined sales of pure electric and hybrid plug-in vehicles increased 250% in the first nine months, a level that exceeded the overall EV segment that grew only 110%.
4) IMF sees Asia, notably Southeast Asia, as bright spot amid global slowdown next year
The IMF sees Asia, particularly Southeast Asia, as a bright spot, even as the global economy looks set to head into recession next year.
The International Monetary Fund stated in its latest outlook report, “Asia Sails Into Headwinds From Rate Hikes, War, and China Slowdown,” that while Asia has lost its strong economic rebound momentum due to three “formidable headwinds” — rising interest rates, the war in Ukraine, and the impact of China’s slowed economic activity — the region remains a relative bright spot in an increasingly gloomy global economy.
The Washington-based financial institution forecasts 4% growth in Asia and the Pacific this year and 4.3% growth in 2023, both of which are lower than the 5.5% average for the prior two decades.
Nonetheless, they are higher than the fund’s projections for Europe and the United States. The IMF forecasts 3.1% growth in 2022 and 0.5% growth in 2023 for the eurozone, and 1.6% growth this year and 1% growth next year for the US.