- USDTHB: moving in the range 38.07-38.20 this morning, supportive level at 38.00 resistance level at 38.46
· SET Index: 1,591.3 (-0.09%), 21 Oct 2022
· S&P 500 Index: 3,797.3 (+1.18%), 24 Oct 2022
· Thai 10-year government bond yield (interpolated): 3.32 (+0.22 bps), 21 Oct 2022
· US 10-year treasury yield: 4.25 (+4.0 bps), 24 Oct 2022
- US business activity weakens again in October
- Euro zone October PMI adds to evidence bloc is heading for recession
- Japan keeps warning on market volatility, raises view on capex in report
- Oil sinks further amid China concerns, weakened economic prospects
US business activity weakens again in October US business activity contracted for a fourth straight month in October, with manufacturers and services firms in a monthly survey of purchasing managers both reporting weaker client demand, the latest evidence of an economy softening in the face of high inflation and rising interest rates. S&P Global said on Monday its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, fell to 47.3 this month from a final reading of 49.5 in September. A reading below 50 indicates contraction in the private sector. Outside the slump during the first wave of the COVID-19 pandemic in the spring of 2020, business output is retreating at the swiftest pace since the 2007-2009 global financial crisis, by S&P Global's measure at least.
Euro zone October PMI adds to evidence bloc is heading for recession The euro zone is likely entering a recession with business activity contracting at the fastest pace in nearly two years this month as the cost-of-living crisis keeps consumers cautious and saps demand. Factories have been particularly hard hit by energy price rises and due to supply chains still recovering from the coronavirus pandemic taking a hit from Russia’s invasion of Ukraine. S&P Global’s euro zone flash composite Purchasing Managers’ Index (PMI), seen as a good guide to overall economic health, fell to 47.1 from 48.1 in September, below expectations for 47.5 in a Reuters poll. October was the fourth month below the 50-mark separating growth from contraction and was the lowest reading since November 2020.
Japan keeps warning on market volatility, raises view on capex in report Japan reiterated a warning that "full attention" should be paid to market volatility in its monthly economic report published on Tuesday, following the government's repeated market interventions in the wake of the yen's slide to a 32-year low. With a yen-buying operation last week estimated at a record 5.5 trillion yen ($36.95 billion), and another suspected intervention on Monday, Japan has been attempting to stem the currency's depreciation that has jacked up costs of imported goods for households and businesses. The October economic report kept the overall assessment of the economy unchanged for a fourth month, saying it was in a moderate recovery, though it raised its view on business spending while downgrading its assessment of imports.
Oil sinks further amid China concerns, weakened economic prospects The 10-year government bond yield (interpolated) on the previous trading day was 3.32, +0.22 bps. The benchmark government bond yield (LB31DA) was 3.315, +1.0 bps. LB31DA could be between 3.20-3.50. Meantime, the latest closed US 10-year bond yields was 4.25, +4.0 bps. USDTHB on the previous trading day closed around 38.34 Moving in a range of 38.07-38.20 this morning. USDTHB could be closed between 38.10-38.40 today. Oil prices extended recent losses on Tuesday as markets remained cautious amid signs of weakening Chinese demand, while a slew of dismal economic indicators also brewed concerns over global crude appetite. Crude prices marked a weak start to the week after data showed China’s crude imports sank 2% in September, amid continued headwinds from COVID-linked restrictions. The country, which is the world’s largest crude importer, increased its oil imports as local fuel demand weakened.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
