- USDTHB: moving in the range 35.625-35.72 this morning, supportive level at 35.50 resistance level at 35.80
· SET Index: 1,629.4 (+0.37%), 15 Nov 2022
· S&P 500 Index: 3,991.7 (+0.87%), 15 Nov 2022
· Thai 10-year government bond yield (interpolated): 2.74 (-4.93 bps), 15 Nov 2022
· US 10-year treasury yield: 3.80 (-8.0 bps), 15 Nov 2022
- US PPI falls to 14-month low in October as supply bottlenecks ease
- Euro zone Q3 GDP confirmed at 0.2% q/q, employment up as well
- China's economy loses momentum as COVID curbs hit factories, consumers
- Oil prices settle higher on Druzhba oil pipeline disruption
US PPI falls to 14-month low in October as supply bottlenecks ease U.S. producer price inflation fell to its lowest in over a year in October, bolstering hopes that pipeline inflation pressures have peaked thanks to the improvement in global supply chains over recent months. Prices rose by a modest 0.2% on the month and were up 8.0% from a year earlier, comfortably below the 8.3% that was the consensus forecast. The Bureau of Labor Statistics also revised down its estimate of producer prices in September to show a rise of only 0.2%, rather than the 0.4% initially reported. Core PPI, which strips out volatile food and energy components, was even more placid. Prices stagnated on the month, bringing the annual rate down to 6.7%, its lowest since August last year. By contrast, prices received by food and energy producers rose 0.5% and 2.7%, respectively.
Euro zone Q3 GDP confirmed at 0.2% q/q, employment up as well Euro zone gross domestic product grew by 0.2% quarter-on-quarter in the July-September period for a 2.1% year-on-year increase, Eurostat confirmed on Tuesday, while employment in the single currency area also rose. The European Union’s statistics office (Eurostat) already estimated third quarter growth at 0.2% on Oct 31. Eurostat said employment in the 19 countries sharing the euro also increased by 0.2% quarter-on-quarter in the third quarter for a 1.7% year-on-year rise. The European Commission expects the economy to shrink in the fourth quarter of 2022 and in the first three months of 2023 because of surging energy prices and rising interest rates which undermine spending and borrowing power and confidence.
China's economy loses momentum as COVID curbs hit factories, consumer China's economy suffered a broad slowdown in October as factory output grew more slowly than expected and retail sales fell for the first time in five months, underscoring faltering demand at home and abroad. The world's second-largest economy is facing a series of headwinds including protracted COVID-19 curbs, global recession risks and a property downturn. In a sign of persistent weakness in sector, data on Tuesday also showed property investment falling at its fastest pace since early 2020 in October. The downbeat data poses a challenge for Chinese policymakers as they steer the $17 trillion dollar economy through choppy waters, following recent moves to ease some COVID curbs and give financial support to the struggling property sector.
Oil prices settle higher on Druzhba oil pipeline disruption The 10-year government bond yield (interpolated) on the previous trading day was 2.74, -4.93 bps. The benchmark government bond yield (LB31DA) was 2.80, -9.0 bps. LB31DA could be between 2.75-3.00. Meantime, the latest closed US 10-year bond yields was 3.80, -8.0 bps. USDTHB on the previous trading day closed around 35.69 Moving in a range of 35.625-35.72 this morning. USDTHB could be closed between 35.50-36.20 today. Oil prices rose on Tuesday and settled higher after news that oil supply to Hungary via the Druzhba oil pipeline has been temporarily suspended due to a fall in pressure. Brent crude futures rose 72 cents to settle at $93.86 a barrel, while U.S. West Texas Intermediate crude rose $1.05 to $86.92. Russia's state-owned pipeline monopoly Transneft has been notified by Ukraine of the pipeline disruption. The United States said it was investigating unconfirmed reports that stray Russian missiles caused an explosion that killed two people in a Polish village near the border with Ukraine.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
