Market Roundup 12 June 2023

1) Thai stock market overview

Thailand’s SET Index closed at 1,551.41 points, decreased 3.70 points or 0.24% with a trading value of 31 billion baht. The analyst stated that the Thai stock market moved in the same direction as regional markets with a low trading volume as investors were waiting for the Fed’s meeting and U.S. inflation data. Moreover, investors were also monitoring Thailand’s political issues as well. The analyst expected the market to move in a sideways trend tomorrow with a support level at 1,545 points and a resistance level at 1,560 points.


2) Goldman Sachs cuts oil price forecast to below $90 by year-end

Goldman Sachs trimmed down oil price projection by almost 10% due to increased supply and slower demand for crude, a week after Saudi Arabia announced another million barrels per day cut from July.

Goldman lowered its Brent projection for December from $95 to $86 per barrel, according to a report published late Sunday. The investment bank also reduced its December WTI price forecast from $89 to $81.

This is Goldman’s third downward revision of the forecast in the past six months, and it comes despite Saudi Arabia’s statement last week that it will reduce output by another million barrels per day beginning in July.


3) UBS completes the takeover of rival Credit Suisse

UBS announced Monday that its emergency takeover of rival Credit Suisse had been completed, setting up a $1.6 trillion behemoth in the Swiss bank with increased strength in wealth management.

UBS’s board chair Colm Kelleher and newly-appointed CEO Sergio Ermotti wrote in an open letter on Monday, “We will bring together the collective expertise, scale, and wealth management leadership of both UBS and Credit Suisse to create an even stronger combined firm.”

The letter stated that there will be “challenges,” along with “great opportunity,” as the bank promised it will “never compromise on UBS’s strong culture, conservative risk approach, or quality service.”

UBS agreed to the $3.2 billion deal in March after a negotiation, with Swiss regulators playing a key part due to concerns that massive losses at Credit Suisse might threaten the stability of the financial sector.

The combined company’s assets will total $1.6 trillion.