Market Roundup 2 June 2023

1) Thai stock market overview

Thailand’s SET Index closed at 1,531.20 points, increased 9.80 points or 0.64% with a trading value of 42 billion baht. The analyst stated that the Thai stock market moved in the same direction as global markets in response to the debt-ceiling bill passing the Senate. Meanwhile, the market was expecting the Fed to hold rate in this upcoming meeting, seeing the current policy rate is higher than inflation. Rising oil prices also support energy stocks.

The analyst recommended investors to monitor the U.S. nonfarm payroll and job reports.


2) US Senate passes bill to raise debt ceiling

The U.S. Senate passed the bill late Thursday to raise the debt ceiling for two years, sending the legislation to President Joe Biden’s desk for final approval before the deadline on Monday.

The bill received approval votes of 63-36 from 100 Senate, slightly above the chamber’s 60-vote threshold but still enough support to be sent to Biden. The House and Senate-approved bill is expected to be signed by Biden Friday.


3) OPEC+ is unlikely to cut output on Sunday meeting

OPEC and its allies known as OPEC+ will meet on Sunday to assess the oil market situation that recently fell toward $70 per barrel amid fear of dwindling demand and global economic growth. Still, the group of oil producers is unlikely to cut output, according to the report by Reuters.

HSBC wrote in a note that it did not expect OPEC+ to cut output this time, but may do so later if oil prices remain under $80 in the second half of this year. Goldman Sachs also has the same view.