1) Thai stock market overview
Thailand’s SET Index closed at 1,535.30 points, increased 6.53 points or 0.43% with a trading value of 43 billion baht. The analyst stated that the Thai stock market moved narrowly prior to the voting for Thai PM tomorrow as the market expected the Pheu Thai Party to lead the new government. The analyst warned of a selloff as the index rose to nearly the same level of the general election in May and the voting might not be done in the second round.
2) Thailand targets 35 million foreign arrives in 2024
Thailand targets to welcome 35 million foreign arrivals in 2024, generating 3 trillion baht in total revenue from both international and domestic markets, with air travel expected to have fully recovered in 4Q24, said the tourism agency on Tuesday.
The Tourism Authority of Thailand (TAT) aims to generate at least 3 trillion baht in tourism revenue next year, of which 1.92 trillion will come from the domestic market and 1.08 trillion will come from international tourists, a return to pre-Covid levels.
According to TAT’s projections, the aviation industry will bounce back as soon as feasible in 4Q24, or all flights will resume no later than the first quarter of 2025. TAT, however, is not concerned with sheer numbers but rather with improving the quality of tourists and encouraging them to spend more cash during their stays.
3) HP plans to relocate laptop production to Thailand this year
America’s top computer maker HP is planning to move its production to Thailand and Mexico this year in a bid to diversify the supply chain outside China.
According to the report by Nikkei Asia, the American firm is working with suppliers to shift a portion of its consumer laptop production to Thailand, while some commercial notebook computer production will go to Mexico by this year.
Nikkei also cited the source, saying that HP is also looking to move some laptop production to Vietnam next year.
HP is the world’s second largest PC maker, based on shipments after China’s Lenovo.
4) Goldman Sachs lowers odds of a U.S. recession next year
Goldman Sachs lowered the chance of a recession in the United States occurring within the next 12 months from 25% to 20%, driven by a slew of better-than-expected economic data.
The investment bank pointed to robust economic activity in the US, estimating that GDP growth for the second quarter would come in at 2.3%. Goldman is feeling upbeat since consumer sentiment is on the upswing and the jobless rate dropped to 3.6% in June.
Goldman, however, forecasts a slowdown in growth in the coming quarters as a result of successively slower expansion of real disposable personal income.