1) KSS expects 1,655 – 1,675 movement range for SET Index amid positive sentiment in the regional
Krungsri Securities (KSS) expected Thailand’s SET Index to move within 1,655 – 1,675 points, supported by a surge in the regional markets in hopes of US inflation data that is expected to slow down to 6.2% from 6.5%. Meanwhile, oil prices are also edging higher after Russia’s supply cut. However, continuous fund outflows and volatility during the earnings season could also weigh on the market to fluctuate.
2) European Commission expects better-than-expected GDP than previously anticipated
The Eurozone is expected to perform better this year than previously forecast as mild winter, high levels of gas storage help easing energy crisis, while labour market holds up, according to the European Commission.
The commission expects economic growth in the bloc to grow 0.9% in 2023, 60 basis points higher than a 0.3% growth expected in November last year.
Meanwhile, inflation is expected to slow down to 5.6%, compared to 6.1% in the previous forecast.
3) China accuses US of more than 10 balloons over its airspace this year
China said that the U.S. high altitude balloons had flown over its airspace without permission more than 10 times since the start of 2022. However, White House denied the accusation saying that any claim that the US government operates surveillance balloons over the PRC is false.
The dispute came after Washington shot down what the Chinese government claimed as a weather balloon that flew off course. The action prompted discontent for China who said that the U.S. was overreacting.
4) Oil prices edge lower after recent rally on Russia cutting output
Oil prices extended its gain on Monday after closing at a five-week high last Friday on the report that Russia would cut crude production in March by 500,000 barrels per day (bpd), equivalent to about 5% of output, in retaliation against Western curbs imposed on its exports.
The international benchmark Brent crude for April delivery rose $0.22 or 0.3%, to $86.61 per barrel, while the West Texas Intermediate increased $0.42 or 0.5%, to $80.14 per barrel.
However, oil prices started to decline in the morning session on Tuesday. Brent crude slipped $0.73 or 0.84% to $85.88 per barrel, while WTI dipped $0.98 or 1.22% to $79.16 a barrel.