- USDTHB: moving in the range 34.20-34.29 this morning supportive level at 34.15 resistance level at 34.35
- SET Index: 1,400.2 (-0.09%), 30 Dec 2024
- S&P 500 Index: 5,881.6 (-0.43%), 31 Dec 2024
- Thai 10-year government bond yield (interpolated): 2.305 (+3.15 bps), 30 Dec 2024
- US 10-year treasury yield: 4.58 (+3.0 bps), 31 Dec 2024
- Russia and Ukraine halt gas transit to Europe after 50 years
- China’s services activity jumps as stimulus lifts local demand
- China's manufacturing grew in December, but missed forecasts
- South Korea’s exports rise with increased demand from China
- South Korea's inflation rises as political unrest grows
- Dollar strengthens on Fed caution and Trump trade issues
Russia and Ukraine halt gas transit to Europe after 50 years
Russia halted gas deliveries to Europe through Ukraine, ending a 50-year-old route after Kyiv rejected allowing any transit that would finance Moscow's military operations. Both sides confirmed the shutdown on Wednesday after a key deal expired. The stoppage forces central European countries to seek more expensive gas, straining supplies as winter storage depletes quickly. Although the route represents only 5% of Europe's needs, it still impacts countries struggling from the energy crisis sparked by Russia’s invasion.
China’s services activity jumps as stimulus lifts local demand
China’s services sector grew at its fastest pace in nine months, with the official PMI rising to 52.2 in December, driven by strong growth in transportation, telecommunications, and financial services. However, catering and hospitality declined. Construction industry orders increased for the first time this year as companies rushed to complete projects before the Lunar New Year holiday.
China's manufacturing grew in December, but missed forecasts
The manufacturing PMI stood at 50.1, above the 50 mark, indicating the longest period of expansion since March last year. While it was slightly below the previous month’s 50.3 and the 50.3 forecast, the sector saw improved demand, with new orders rising at the fastest pace in eight months. Manufacturers benefited from government subsidies for appliances and cars, as well as advanced shipments to sidestep potential new US tariffs.
South Korea’s exports rise with increased demand from China
South Korea's exports grew 4.3% in December, driven by increased demand from China and resilient semiconductor sales. Chip exports rose 31.5%, while car shipments fell 5.3%. Wireless device sales grew 16.1%. Unadjusted exports rose 6.6%, and imports increased 3.3%, resulting in a $6.5 billion trade surplus. For the year, exports grew 8.2%, with a trade surplus of $51.8 billion. Semiconductor sales, the largest export driver, rose 43.9% from 2023.
South Korea's inflation rises as political unrest grows
South Korea’s consumer inflation accelerated to 1.9% on an annual basis in December, up from 1.5% in November, as political turmoil pressures the local currency, threatening price stability in the import-dependent nation. The rise exceeded economists' 1.7% forecast.
Dollar strengthens on Fed caution and Trump trade issues
The 10-year government bond yield (interpolated) on the previous trading day was 2.305, +3.15 bps. The benchmark government bond yield (LB346A) was 2.275, +3.59 bps. Meantime, the latest closed US 10-year bond yields was 4.58, +3.0 bps. USDTHB on the previous trading day closed around 33.97, moving in a range of 34.20 – 34.29 this morning. USDTHB could be closed between 34.15 – 34.35 today. The U.S. dollar reached a two-year peak and was poised to record an annual gain against nearly all major currencies, amid low trading volumes during the holiday season. The dollar index was last at 108.49, having earlier hit 108.57, the highest level since November 2022. The euro dropped below the 1.040 mark and fluctuated around 1.035. Meanwhile, the Japanese yen strengthened to below the 157 level on New Year's Eve before correcting and rising above the 157 level this morning.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
