Thailand’s SET Index closed at 1,414.15 points, decreased 9.46 points or 0.66% with a trading value of 34.6 billion baht. The analyst stated that the Thai stock market dropped sharply in the morning session, but pared some losses in the afternoon to close down only 0.66%. The plummet was in response to the Fed’s minutes of the latest meeting that maintained its caution on crucial economic data and will move cautiously on policy rates. A selloff in the energy stocks also weighed the market, following target cuts.
The analyst expected SET Index to move in a sideways trend tomorrow, seeking for a new catalyst to buoy the market. The analyst added that investors should monitor the US economic data tonight as a guideline to inflation.
The head of the International Energy Agency’s (IEA) oil markets and industry division told Reuters on Tuesday that the global oil market will perceive a slight surplus in 2024, despite the extension of oil supply cuts from OPEC+ nations.
Oil price has dropped to around $82 a barrel for Brent crude from a 2023 high in September of near $98, poking the OPEC+ to consider if they want to cut more oil supply.
OPEC+ have already pledged total oil output cuts of 5.16 million barrels per day (bpd), or about 5% of daily global demand since late 2022.
Singapore’s economy is expected to grow by 1% to 3% in 2024 from the ongoing recovery in the travel and tourism industry, with the slump in manufacturing and trade-related sectors potentially coming to an end.
The Q3/2023 GDP of Singapore grew 1.1% YoY, exceeding the economists polled by Reuters and Singapore’s government estimation that expected the GDP to grow by only 0.7%.
The recent wave of Binance executives’ resignation has added another count as its founder, Changpeng Zhao (CZ) pleaded guilty to criminal charges and has stepped down as CEO as part of a $4 billion settlement with the US Department of Justice (DoJ). The filing indicated CZ agreed to pay a $50 million fine and Binance “knowingly and wilfully” caused the supply of services to Iran, in breach of U.S. sanctions.
