Market Roundup 23 November 2022

1) Thai stock market overview

Thailand’s SET Index closed at 1,624.40 points, increased 9.07 points or 0.56% with a trading value of 64 billion baht. The analyst stated that the Thai stock market edged higher, boosted by an increase in crude oil prices after Saudi Arabia denied the rumor of production increase, resulting in the energy sector to lead the market.


2) Credit Suisse sees higher-than-expected net loss in 4Q from massive overhaul

Credit Suisse projected CHF1.5 billion of loss in the fourth quarter of this year as the firm undertakes a major strategic overhaul to rebuild investors confidence after several mistakes in these past few years that caused the company to lose billions of dollars.

The second largest Swiss bank and one of the biggest banks in Europe said in a market update on Wednesday that it expected to experience continuing asset outflows of approximately 6% of assets under management at the end of the third quarter this year, which would be the result of its massive restructure.

“These decisive measures are expected to result in a radical restructuring of the Investment Bank, an accelerated cost transformation, and strengthened and reallocated capital, each of which are progressing at pace,” Credit Suisse said.


3) US and Europe could cut dependence on China’s EV batteries by 2030

Goldman Sachs said that the United States and Europe could cut their dependence on electric vehicle batteries from China with more than $160 billion of new capital spending by 2030.

The multinational investment bank believed that with the help of South Korean LG and SK Hynix, it should satisfy demand for finished batteries by the next three to five years without reliance from China, according to the report from Financial Times citing a Goldman Sachs forecast.

In the forecast, Goldman said that U.S. market share of the Korean battery makers would jump to 55% in three years from 11% in 2021.


4) PBOC conducts 2 billion yuan of reverse repos to boost liquidity

China’s central bank on Wednesday conducted 2 billion yuan (about 280.6 million U.S. dollars) of reverse repos to maintain liquidity in the banking system.

The interest rate for the seven-day reverse repos was set at 2 percent, according to the People’s Bank of China.

The move aims to keep liquidity in the banking system reasonable and ample, the central bank said.