Market Roundup 11 July 2023

1) Thai stock market overview

Thailand’s SET Index closed at 1,496.96 points, increased 0.07 points or less than 0.0% with a trading value of 34 billion baht. The analyst stated that the Thai stock market edged slightly higher in the same direction as regional markets, while also being supported by gains in DELTA after the Market Surveillance Measure ended, but a selloff in the afternoon session offset gains in the morning as the market looked ahead to the voting for PM on Thursday, which should be the guidance to SET Index moving forward.


2) Goldman Sachs expects India to become the world’s second-largest economy by 2075

Goldman Sachs forecasts India will overtake the United States and become the world’s second-largest economy by 2075, thanks to its progress in innovation and technology, as well as its high capital investment and growing population.

Currently, India’s economy ranks fifth in the world, behind Germany, Japan, China, and the United States.

The investment bank stated in a research that the forecast is driven by the country’s innovation and technological advancements, higher capital investment, and increasing worker productivity, in addition to the country’s growing population.

Sengupta noted that increasing India’s labor force participation was crucial to maximizing the country’s rapidly expanding population. He also predicts that in the next two decades, India would have one of the lowest dependency ratios of any major economy.

However, Goldman warned of a potential risk from the labor force participation rate, depending on whether it grows at the rate predicted.


3) Microsoft confirms further layoffs on top of 10,000 announced in January

Tech giant Microsoft confirmed Monday that it is laying off more employees in addition to the 10,000 announced back in January.

Large technology corporations like Amazon, Google, and others have reduced their workforces this year after swiftly expanding to meet surging demand during the Covid-19 outbreak. In recent months, Microsoft has reported that customers are seeking ways to reduce their cloud computing costs.

The software company’s spokesperson is refusing to speak on the scale of the most recent wave of layoffs. CEO Satya Nadella announced in a January memo that the corporation would be updating its hardware and consolidating its leases.

Microsoft stated on Monday that it will lay off 276 employees in its home state of Washington. Of those, 66 are digital.