1) Thai stock market overview
Thailand’s SET Index closed at 1,637.29 points, increased 18.06 points or 1.12% with a trading value of 86 billion baht. The analyst stated that the Thai stock market rose more than 1% after lower-than-expected US inflation for October as the market now hoped the Fed to increase interest rate by 50bps in December. The Thai stock market also had positive sentiment from the Chinese authorities easing the quarantine period to eight days in total. The analyst expected SET Index to continue edging higher next week amid strong baht that resulted in more fund inflow.
2) China cuts quarantine for inbound travelers to 8 days
China reportedly reduced the length of quarantine for international travelers by two days, according to state-run media on Friday.
According to a National Health Commission statement released on Friday, foreign visitors in China will be required to undergo a eight-day quarantine period: five days in a hotel or government quarantine facility, followed by three days of home observation.
Quarantine under the present regulations lasts for a total of 10 days: one week in a hotel and three days at home.
According to the report, the new timeframe also applied to close contacts with Covid infections within China.
3) UK on the verge of recession as 3Q economy contracts 0.2%
The United Kingdom is on the verge of entering recession after data showed a 0.2% contraction for its economy in the third quarter this year.
The U.K. economy contracted by 0.2% in the third quarter of 2022, according to the report by the Office for National Statistics on Friday. The contraction was fueled by a slowdown in services, production and construction industries.
The report on Friday sent the U.K. to the brink of recession, after reporting a 0.1% contraction in the second quarter of this year, but was later revised to 0.2% increase. Still, the decline in 3Q22 was better than an estimate for a 0.5% contraction by Refinitiv.
4) EU cuts growth projection for 2023, expects inflation in Eurozone to reach 6.1% next year
The European Commission on Friday cut the GDP growth forecast for 2023 and expects eurozone inflation to 6.1% next year, with Russia’s invasion of Ukraine lowering global demand and reinforcing inflationary pressures.
The commission lowered its prediction for 2023 GDP growth in the 19-country eurozone from 1.4% to 0.3% in its quarterly report. In 2024, the EU expects economic growth in the eurozone to reach 1.5%.
The economy is likely to decline further in the first quarter of 2023 before returning growth in the spring, the commission said in the note.