- USDTHB: moving in the range 37.90-38.10 this morning, supportive level at 37.90 resistance level at 38.20
· SET Index: 1,606.1 (+0.23%), 28 Oct 2022
· S&P 500 Index: 3,901.1 (+2.43%), 28 Oct 2022
· Thai 10-year government bond yield (interpolated): 3.21 (-1.86 bps), 28 Oct 2022
· US 10-year treasury yield: 4.02 (+6.0 bps), 28 Oct 2022
- US pending home sales dip in September
- Germany dodges recession but inflation climbs to 11.6%
- Chinese manufacturing activity shrinks in October
- Oil slips as China COVID curbs outweigh concerns over U.S. output
US pending home sales dip in September A measure of existing residential housing demand in the U.S. based on contract signings slumped by more than expected in September, according to a forward-looking indicator published by the National Association of Realtors, in a sign that possible buyers are reining in spending in response to sky-high inflation. The U.S. pending home sales index slipped to 79.5 during the month, falling by 10.2% compared to the reading in August. A level of 100 is equal to the amount of contract activity in 2001. Analysts had expected a monthly decline of 5.0%. Meanwhile, on a year-on-year basis, the figure dipped by 31.0%. The Fed's moves have subsequently contributed to a surge in mortgage rates, which have in turn lessened the appetite of potential home buyers. Mortgage rates rose past 7% for the first time since 2002 this week.
Germany dodges recession but inflation climbs to 11.6% Germany staved off the threat of recession in the third quarter with unexpected growth, but the economy remained in choppy waters as high inflation driven by a painful energy standoff with Russia surged, data showed on Friday. Consumer prices, harmonized to compare with other European Union countries, were up 11.6% on the year in October, the federal statistics office said. Analysts polled by Reuters had forecast 10.9%, unchanged on the previous month. The Ifo economic institute warned on Friday that the full effect of inflation had not yet reached consumers, even as its survey showed a slightly lower number of companies in Germany planning price hikes in October.
Chinese manufacturing activity shrinks in October Chinese manufacturing activity unexpectedly shrank in October, data showed on Monday, amid new disruptions from COVID-related lockdowns and a slowdown in global demand for exports from the country. The official purchasing managers index (PMI) read 49.2 in October, missing expectations of 50.0 and falling below September’s reading of 50.1, data from the China Logistics Information Centre showed. A reading below 50 indicates contraction. Manufacturing PMI is now back in contraction territory after unexpectedly rising in September. China’s non-manufacturing PMI also contracted in October, reading 48.7 for the month- substantially below expectations of 50.2 and September’s reading of 50.6. This resulted in China’s composite PMI, which gauges overall business activity in the country, reading 49.0 for October- its first contraction since May.
Oil slips as China COVID curbs outweigh concerns over U.S. output The 10-year government bond yield (interpolated) on the previous trading day was 3.21, -1.86 bps. The benchmark government bond yield (LB31DA) was 3.135, -0.5 bps. LB31DA could be between 3.05-3.40. Meantime, the latest closed US 10-year bond yields was 4.02, -6.0 bps. USDTHB on the previous trading day closed around 37.75 Moving in a range of 37.90-38.10 this morning. USDTHB could be closed between 37.80-38.40 today. Oil prices fell on Monday on concerns that widening COVID-19 curbs in China will curtail demand, offsetting signs that output at the top U.S. shale field is losing steam. Wider COVID curbs in China invariably raise concerns over demand from the world's top crude importer, Stephen Innes of SPI Asset Management said. Chinese cities are doubling down on Beijing's zero-COVID policy as outbreaks widened, dampening earlier hopes of a rebound in demand.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
