Kaohoon Morning Brief – 5 April 2023

1) FSS expects energy sector to support the market, but still lack catalysts

Finansia Syrus Securities (FSS) expected Thailand’s SET Index to move sideways within the range of 1,585-1,600 points as the market lacks positive drivers, pressured by a slowdown in economic data, especially PMI in the U.S. and China.

Meanwhile, jobs opening for the U.S. dropped lower than 10 million for the first time since 2021, reflecting effectiveness of the Fed’s rate hike. The analyst expected the energy sector to continue supporting the market due to oil prices that maintain at a higher level.


2) Jamie Dimon says the crisis in the banking system is not over

JPMorgan CEO Jamie Dimon says that the crisis in the banking system is not over and even when it is behind us, there will be repercussions for years to come.

“Any crisis that damages Americans’ trust in their banks damages all banks – a fact that was known even before this crisis. While it is true that this bank crisis ‘benefited’ larger banks due to the inflow of deposits they received from smaller institutions, the notion that this meltdown was good for them in any way is absurd,” Dimon wrote in a letter.


3) U.S. job openings fell below 10 million for the first time in nearly two years

Job openings in the U.S. ticked down below 10 million in February, the first time since May 2021 as the Federal Reserve’s trying to slow the labor market down.

Data from the Labor Department showed that available jobs were 9.93 million in February, a drop of 632,000 from January. The figure was better than Wall Street’s estimate for 10.4 million.

Meanwhile, the ratio of vacancies to unemployed workers fell to 1.67, which was the lowest since late 2021.