1) KSS expects SET Index to continue moving negatively over external pressures
Krungsri Securities (KSS) expected Thailand’s SET Index to continue moving in a negative territory between 1,510-1,515 points as Fitch Ratings warned of downgrading bank’s ratings, including JPMorgan. Meanwhile, retail data in the U.S. was accelerating at a higher-than-expected rate, which could prompt the Fed to maintain interest rates in September’s meeting. China’s economy also slowed down, especially with the problem in the property sector as well as manufacturing and retail.
2) Fitch warns that US banking industry could see further downgrade
Fitch Ratings warned that the U.S. bank industry is edging closer to another downgrade that would trigger Fitch to reevaluate ratings on more than 70 banks across the country.
Earlier downgrade of the industry’s rating in June went by unnoticed as the move did not trigger downgrades on banks, Fitch Ratings Chris Wolfe told CNBC. But another rate cut will do.
The ratings were cut in June as “operating environment” score was pressured by the country’s credit rating, bank failures and uncertainty around interest rates.
3) VinFast gained 68% on its first trading day in Nasdaq
The share price of Vietnam’s EV maker VinFast made its first appearance in the U.S. stock market on Tuesday after the completion of the merger with the U.S.-listed special purpose acquisition company Black Spade Acquisition.
Traded on the tech-heavy Nasdaq Composite, VinFast (VFS) rose 68% to close at $37.06 per share on Tuesday. However, the price dropped nearly 13% in an after-hour trading.
VinFast expects the listing to help opening capital market for the company in the future.