- USDTHB : moving in the range 34.12-34.24 this morning, supporting level of USDTHB is around 34.00 resistance level is around 34.30
- SET Index: 1,633.7 (+0.52%), 26 May 2022
- S&P 500 Index: 4,057.8 (1.97%), 26 May 2022
- Thai 10-year government bond yield (interpolated) : 2.94% (+1.07 bps), 26 May 2022
- US 10-year treasury yield: 2.75 (+0 bps), 26 May 2022
- US Economy in the Second Estimation, contracts more than expected
- US Pending Home Sales Fall for 6th Month
- China Industrial Profits growth slowed to 3.5% YoY in Jan-April
- Australia Retail Sales Hit Fresh High
- Wall St Set for Weekly Gain, Japanese Shares Higher, Pound Hits 4-week High
US Economy in the Second Estimation, contracts more than expected
The US economy contracted an annualized 1.5% in the first quarter of 2022, slightly worse than initial estimates of a 1.4% decline, with the biggest drag coming from trade. Imports surged more than anticipated (18.3%), led by nonfood and nonautomotive consumer goods and exports dropped slightly less than estimated (-5.4%). Also, private inventories subtracted 1.09 percentage points from the growth, led by decreases in wholesale trade of mainly motor vehicles. Fixed investment growth was revised lower.
US Pending Home Sales Fall for 6th Month The number of signed contracts to buy existing homes in the US declined 3.9% in April of 2022 from previous month, being a sixth consecutive monthly drop, and the lowest contract level since April of 2020, as escalating mortgage rates have bumped up the cost of purchasing a home. Figures came worse than market forecasts of a 2% fall. For year-on-year basis, pending home sales plunged 9.1%.
China Industrial Profits growth slowed to 3.5% YoY in Jan-April
Profits earned by China's industrial firms increased by 3.5% yoy to CNY 26.58 trillion in January-April 2022, slowing sharply from a 8.5% rise in the previous period. Profits at state-owned industrial firms gained 13.9%; while those at private-sector fell 0.6%, amid production challenges due to COVID-19 outbreaks and the impact of the war in Ukraine. On a monthly basis, corporate profits fell 8.6%, as some regions and industries have been greatly affected by the outbreaks.
Australia Retail Sales Hit Fresh High Retail sales in Australia rose by 0.9% mom in April 2022, after a 1.6% gain in March. This was also the fourth straight month of growth in retail trade, as the economy recovered further from COVID-19 hit. Food retailing had the largest rise, up 1.9%, amid increased household spending over the April holiday period. Sales in cafesand restaurants were also higher (3.3%), along with clothing, footwear and personal accessory (3.1%). In contrast, household goods retailing fell 2.7%, while sales in department stores dropped 2.5%.
Wall St Set for Weekly Gain, Japanese Shares Higher, Pound Hits 4-week High The 10-year government bond yield (interpolated) on the previous trading day was 2.94, +1.07 bps. The benchmark government bond yield (LB31DA) was 2.86, +1.00 bps. LB31DA could be between 2.80-2.90. Meantime, the latest closed US 10-year bond yields was 2.75%, +0 bps. USDTHB on the previous trading day closed around 34.29 Moving in a range from 34.12-34.24 this morning. USDTHB could be closed between 34.00-34.30 today. US stock futures were little changed on Friday after a broad rally overnight, with the major averages set to snap weekly losing streaks. Futures contracts tied to the three major indexes traded near breakeven. The Nikkei 225 rose 0.9% with chip-related and commodity stocks leading the market higher. GBPUSD increased to a 4-week high, on optimism that the new Cost of Living Support package will help boost consumer spending.
