1) Thai stock market overview
Thailand’s SET Index closed at 1,608.76 points, increased 2.69 points or 0.17% with a trading value of 55 billion baht. The analyst stated that the Thai stock market was trading higher, but failed to break the resistance level at 1,620 points, which led to a profit taking, while investors were also keeping a close eye on the Fed meeting this week and earnings season of Thai corporates.
The analyst expected the Thai stock market to edge lower tomorrow as investors would slow down their investment prior to the Fed’s meeting.
2) Eurozone inflation hits record high of 10.7% as growth stalls
Inflation in the Eurozone exceeded 10% in October, bringing even more pressure to be placed on the European Central Bank as it struggles to contain the region’s soaring cost of living crisis.
Annual inflation in Europe was 10.7% year-over-year in October, up from 9.9% in September, according to preliminary data released on Monday by the region’s statistics office. Since the formation of the Eurozone, this is the highest monthly reading ever recorded.
3) Thailand’s MPI Up 3.36% in September as industrial production recovers
The Ministry of Industry said on Monday that the MPI in September grew 3.36% from the same period last year, as industrial production continued its steady recovery after the Covid-19 outbreak situation in Thailand improved.
The manufacturing production index (MPI) was at 97.9 in September.
The key reasons supporting production in September include an increase in economic activity in the country as a result of the better coronavirus pandemic situation. This has led to higher output of key products such as petroleum, tourism-related products such as beer, clothing, bags, shoes, and jewelry.
4) Chinese cities double down on Covid-19 curbs as cases surge
As winter approaches, officials in cities and provinces across China are closing venues swiftly and imposing extended temporary lockdowns on millions of people in an effort to prevent the other COVID-19 outbreaks.
With 2,898 confirmed cases on Sunday, mainland China’s economy was further stifled and its people more frustrated by the country’s controversial zero-COVID policy.
Shanghai Disney Resort said Monday that the entire resort will be shuttered from October 31 in response to the city’s efforts to reduce the spread of Covid-19.
In the past week, authorities in Datong, Xining, Nanjing, Xian, Zhengzhou, and Wuhan have rushed to contain mounting cases, leading to the temporary lockdown of several neighborhoods.