Market Roundup 25 October 2022

1) Thai stock market overview

Thailand’s SET Index closed at 1,600.66 points, increased 9.34 points or 0.59% with a trading value of 64 billion baht. The analyst stated that the Thai stock market was positive in today’s session, boosted by easing concerns of global banks on aggressive moves toward policy rates. Meanwhile, positive earnings in the banking sector also contribute to today’s gain in the market, leading to speculation that listed-companies in the market should record better earnings in 3Q22.


2) Sunak officially becomes British new PM after being appointed by King Charles III

Rishi Sunak formally took over as new Prime Minister of the United Kingdom after meeting King Charles at Buckingham Palace.

British’s King Charles III appointed new Conservative leader Sunak as the second prime minister of his reign on Tuesday, shortly after accepting the resignation of Liz Truss.

Sunak is set to deliver a speech outside Downing Street shortly.


3) WhatsApp reports global outage as users unable to send-receive messages

WhatsApp, the messaging app owned by Facebook (Meta), faced global outage problems on Tuesday 25 October 2022 around 3:17 a.m. ET, as users unable to send and receive messages.

Meta later confirmed issues with WhatsApp, saying that the company was aware that some people are currently having trouble sending messages, and we’re working to restore WhatsApp for everyone as quickly as possible,” a Meta spokesperson said.


4) World in midst of “first truly global energy crisis,” IEA says

The International Energy Agency (IEA) chief stated on Tuesday that the world is in the midst of “the first truly global energy crisis,” citing tightened markets for liquefied natural gas (LNG) and major oil producers curtailing supply.

With only 20 billion cubic meters of new LNG capacity coming to market in next year, IEA Executive Director Fatih Birol warned at the Singapore International Energy Week that rising imports of LNG to Europe in the midst of the Ukraine crisis, as well as a potential rebound in Chinese appetite for the fuel, would tighten the market.

Meanwhile, the recent decision by the Organization of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, to reduce 2 million barrels per day of output is a “risky” decision, given the IEA anticipates global oil demand growth of close to 2 million bpd this year.