- USDTHB: moving in the range 37.98-38.03 this morning, supportive level at 37.90 resistance level at 38.20
· SET Index: 1,608.8 (+0.17%), 31 Oct 2022
· S&P 500 Index: 3,872.0 (-0.75%), 31 Oct 2022
· Thai 10-year government bond yield (interpolated): 3.26 (+5.13 bps), 31 Oct 2022
· US 10-year treasury yield: 4.10 (+8.0 bps), 31 Oct 2022
- Rise in US consumer spending beats expectations; wage inflation slows
- Euro zone inflation soars past forecasts to new record high
- Japan Oct factory growth hits 21-month low as China conditions worsen
- Oil prices trim losses as OPEC hikes demand forecast
Rise in US consumer spending beats expectations; wage inflation slows US consumer spending rose more than expected in September while underlying inflation pressures continued to bubble, keeping the Federal Reserve on track to hike interest rates by other three-quarters of a percentage point next week. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.6% last month, the Commerce Department said. Data for August was revised higher to show spending increasing 0.6% instead of 0.4% as previously reported. Growth in consumer spending slowed to a 1.4% rate from the April-June quarter's 2.0% pace. September's data, however, suggested momentum picked up at the end of the quarter, which bodes well for spending in the final three months of 2022.
Euro zone inflation soars past forecasts to new record high Euro zone inflation surged past expectations yet again this month to hit a record high, pointing to further interest rate hikes from the European Central Bank as price pressures appear to be broadening. Consumer price growth in the 19 countries sharing the euro accelerated to 10.7% in October from 9.9% a month earlier, beating expectations in a Reuters poll for 10.2% as inflation in Germany, Italy and France all rose more than forecast, data from Eurostat, showed on Monday. Energy prices continued to drive inflation but food and imported industrial goods all pushed prices sharply higher even as services played only a marginal role this time.
Japan Oct factory growth hits 21-month low as China conditions worsen Japan’s manufacturing activity grew at its slowest pace in 21 months in October on marked declines in output and overall new orders, as exports were partly hurt by worsening conditions in China and South Korea. The data suggested the outlook for manufacturers at home and trade activity in the broader region was uncertain, posing a headache for Japanese policymakers as they brace for a potential global recession due to monetary tightening around the world. The au Jibun Bank Japan Manufacturing Purchasing Managers’ Index fell to a seasonally adjusted 50.7 in October from September’s 50.8 final.
Oil prices trim losses as OPEC hikes demand forecast The 10-year government bond yield (interpolated) on the previous trading day was 3.26, +5.13 bps. The benchmark government bond yield (LB31DA) was 3.065, +9.0 bps. LB31DA could be between 3.00-3.20. Meantime, the latest closed US 10-year bond yields was 4.10, +8.0 bps. USDTHB on the previous trading day closed around 38.02 Moving in a range of 37.98-38.03 this morning. USDTHB could be closed between 37.80-38.20 today. Oil prices trimmed recent losses on Tuesday after the OPEC raised its medium to long term demand forecasts and said it stood ready to help stabilize prices if markets required it. Still, crude prices remained under pressure from concerns over new COVID headwinds in major importer China. Traders also held off from making large bets ahead of a series of major central bank decisions this week. The Organization of Petroleum Exporting Countries (OPEC) said in its 2022 World Oil Outlook that demand will be higher than initially expected in the medium to long term and will likely plateau by only 2045. The view contrasts a broader consensus that global oil demand will plateau by 2030 amid a transition away from fossil fuels.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
