1) Thai stock market overview
Thailand’s SET Index closed at 1,622.45 points, decreased 10.16 points or 0.62% with a trading value of 61 billion baht. The analyst stated that the Thai stock market edged lower today amid investors’ selling off after some disappointing 3Q22 results, while lowering risks ahead of the announcement of U.S. inflation data.
2) Foxconn continues isolation even after lockdown lifted
Foxconn will continue to isolate its workers and operations even after the government lifted a seven-day lockdown measure in the industrial park. Despite lifting lockdown measures, some areas are still under medium- to high-risk areas that do not allow residents to move around unless necessary. Reuters confirmed that the Foxconn factory is in this area.
3) Hong Kong’s Hang Seng closes lower as China reports 8,335 new Covid cases
The Hang Seng Index fell 1.20%, or 198.79 points, to end at 16,358.52. Aside from domestic issues, traders were watching the results of the key midterm elections in the United States, where Republicans are now expected to take control of the House of Representatives.
Official data showed on Tuesday new covid cases increased in Guangzhou and other Chinese cities, with the global manufacturing hub becoming China’s next Covid-19 epicenter and putting the city’s ability to avoid a Shanghai-style lockdown to the test.
4) Thai industrial sentiment posts 5th consecutive growth in October
Thailand Industrial Sentiment Index rose to 93.1 in October, compared to 91.8 in September, according to the data from the Federation of Thai Industries.
Growth in industrial sentiment showed its fifth consecutive monthly increase after removing Covid-19 from the list of serious diseases, while seeing growth in the industrial sector following higher consumption from domestic consumers and a recovery in the tourism industry. Meanwhile, trade partners are booking orders for year’s end, coupled with energy measures from authorities and a relaxing chip-shortage crisis.
5) China’s consumer inflation slows in Oct, producer prices fall first time in two years
For the first time since December 2020, China’s factory gate prices fell in October, while consumer inflation slowed. These trends reflect weakening domestic demand and production disruptions in the face of strict Covid-19 controls and a struggling property market.
National Bureau of Statistics (NBS) statistics released on Wednesday indicated that the producer pricing index (PPI) decreased 1.3% from a year ago, reversing the 0.9% gain seen the previous month and contrasting with the 1.5% drop predicted by a Reuters poll.
NBS said that the considerably higher levels from a year ago and dropping commodity prices contributed to the deflationary impetus in the producer price index.
The consumer price index (CPI), a core measure of inflation, rose 2.1% year on year in October, slowing from a 29-month high of 2.8% in September, mainly due to falling food prices.
Both exports and imports from China fell in October, putting a damper on the country’s economic engine, and economists are expecting even more slow growth in the coming quarters as a result of domestic pressure and global recessionary threats.