1) FSS expects low trading volume during holiday, eyeing energy stocks to support the market over rising oil prices
Finansia Syrus Securities (FSS) expected Thailand’s SET Index to move in sideways to sideways-up trend within the range of 1,610-1,625 points in today’s session, but with low trending value as a lot of markets are closed on Christmas holiday. The firm expected up and mid-stream energy stocks to continue supporting the market, following rising oil prices after Russia stated that it could cut oil production in response to the price cap measure by the European Union. The U.S. PCE for November showed some slowdown, while personal income increased more-than-expected by 0.4%, reflecting that the job market is still tight.
2) Tesla suspends production in Shanghai for holiday, while people suspecting of Covid spread
Tesla has reportedly suspended the production at its Shanghai plant for a long holiday, according to the internal notice seen by people with knowledge of the matter.
The plant is expected to cease its production from December 25 to January 1, as previously reported by Reuters. However, a worker at the plant said that workers have been falling sick during the surge of this recent Covid wave.
3) Russia wants to resume gas supplies to Europe via Yamal pipeline
Russia is proposing to resume gas supplies to Europe through the Yamal pipeline, according to Russian Deputy Prime Minister Alexander Novak as reported by the state TASS news agency.
Moscow cut its gas supplies via this channel in May after Poland refused to pay gas prices in ruble.
Novak said that Moscow is discussing additional gas supplies through Turkey after building a hub there, while also discussing higher gas supplies to Kazakhstan and Uzbekistan as well.