1) FSS expects low trading volume as markets anticipated another rate hike in May
Finansia Syrus Securities (FSS) expected Thailand’s SET Index to move in sideways direction within 1,570-1,585 points with low trading volume as some other markets are still closing for holidays. The U.S. non-farm payroll slowed down, but wages still increased. It will take longer for inflation to the target range of 2%. The market still expected there will be another 25bps rate hike to 5-5.25% at the Fed’s meeting in May.
2) US non-farm payrolls increased, but wages rose
U.S. non-farm payrolls increased by 236,000 for March, slightly lower than the Dow Jones estimate for 238,000 and below the revised 326,000 in February.
The unemployment rate also edged lower to 3.5% amid an increase in labor force participation, and also missed expectations for the rate to hold at 3.6%.
However, average hourly earnings increased 0.3%, causing its 12-month increase for 4.2%.
3) Tesla will open a new Megafactory in China
Tesla announced that it will open a new Megafactory in Shanghai, China, that is capable of producing 10,000 Megapacks a year.
A Megapack is a large battery that stores energy, helps stabilize the power grid and prevents outages.
This is the same size as Tesla’s Megafactory in Lathrop, California, that has the same production capacity.