1) Thai stock market overview
Thailand’s SET Index closed at 1,556.92 points, decreased 2.47 points or 0.16% with a trading value of 32 billion baht. The analyst stated that the Thai stock market moved narrowly with low trading volume despite a surge in DELTA. The analyst expected to see some positive movement tomorrow after the Election Committee just approved 500 MPs, but needed to keep a close eye on the parliament meeting.
2) US Blinken meets with Chinese leader Xi Jinping
U.S. Secretary of State Antony Blinken met with Chinese President Xi Jinping on Monday on the last two-day visit in Beijing after meeting with Chinese Foreign Minister Qin Gang earlier. Xi told Blinken that he hoped the two superpowers will make more positive contributions to stabilizing relations between China and the U.S.
The Chinese leader said that made progress and reached agreement on some specific issues without providing specific detail on the matter.
3) Thai election process makes progress as 500 MPs are approved
The 500 members of Thailand’s House of Representatives who were elected in May reportedly received their election results confirmed by the country’s Election Commission on Monday, clearing the way for the first session of parliament to begin within two weeks in preparation for the formation of a new government.
Thailand’s election body endorsed all 500 lower house winners, which must convene within 15 days to nominate a speaker and summon for a joint session of the bicameral legislature to vote on a prime minister.
4) China’s Central Bank to cut key lending benchmarks
Reuters’ latest poll found that all respondents expected the Chinese central bank to cut both the one-year loan prime rate (LPR) and the five-year tenor. 66% of respondents anticipated the one-year LPR to be reduced by 10 basis points, from 3.65% to 3.55%. Some analysts predicted a reduction of 5-15 bps.
Half of those surveyed expected the five-year LPR to be slashed by at least 15 basis points to boost home demand and the real estate market. Another half also anticipated a reduction in the current five-year tenor of 4.3% to 4.2%.