Market Roundup 7 May 2024

Thailand’s SET Index closed at 1,376.37 points, increased 6.45 points or 0.47% with a trading value of 41.70 billion baht. The analyst stated that the Thai stock market increased and was in line with the regional markets, following the hope for the US Federal Reserve to cut interest rates in September after unemployment rates from the US rose higher than expected. The purchase of big-cap stocks, including communication stocks and DELTA, and the fund flow from foreign investors following the strengthening baht also contributed to the increase of the index.

The analyst expected the market to trade sideways tomorrow.


Goldman Sachs wrote in a note stating that the firm continues to expect two rate cuts this year, in July and November, saying that the April employment report was soft but not weak.

According to the US investment bank, the US nonfarm payrolls recorded a growth of 175k in April, falling below consensus by 65k and marking a 6-month low. While the healthcare industry continued to observe robust job growth, the leisure and government sectors experienced a significant slowdown, hinting that rehiring in these areas may have reached its peak. The household survey showed a soft performance, with the unemployment rate climbing by 0.1 percentage point to 3.9%, driven by a 25k uptick in household employment. Additionally, the underemployment rate saw an increase.

Goldman Sachs maintains its projection of two rate cuts for the year, anticipated to occur in July and November.

Meanwhile, the probability of rate cuts in September were about 70% as of Monday, based on CME’s FedWatch Tool.


China’s President Xi Jinping has expressed support for a worldwide ceasefire during the upcoming Olympic Games in Paris this summer in response to appeals from French President Emmanuel Macron and European Commission President Ursula von der Leyen to leverage his influence on Russia to halt the conflict in Ukraine.

Xi, speaking alongside Macron and advocating for an “Olympic truce,” highlighted the turbulence in the world today and emphasized the need for peace during the Paris Olympic Games.

This truce tradition, aimed at suspending armed conflicts, is long-standing, with Macron aiming to achieve it as Paris hosts the Summer Games from July 26 to Aug 11 and the Paralympic Games until the end of August.

French officials are optimistic that Xi’s support could potentially influence Russia to agree to a truce when President Vladimir Putin visits China later in the month, with hopes that a ceasefire could pave the way for broader diplomatic efforts.