- USDTHB: moving in the range 33.33-33.43 this morning, supportive level at 33.20 resistance level at 33.45
· SET Index: 1,685.8 (-0.00%), 11 Jan 2023
· S&P 500 Index: 3,969.6 (+1.28%), 11 Jan 2023
· Thai 10-year government bond yield (interpolated): 2.43 (-1.52 bps), 11 Jan 2023
· US 10-year treasury yield: 3.54 (-7.00 bps), 11 Jan 2023
- U.S. wholesale inventories rise strongly in November as demand falters
- Japan posts record current account surplus for November
- China CPI inflation beats expectations in Dec after easing of COVID curbs
- Oil gains 3% on global economic optimism, despite surprise U.S. crude build
U.S. wholesale inventories rise strongly in November as demand falters U.S. wholesale inventories increased strongly in November, lifting the inventories-to-sales ratio to the highest level in nearly 2-1/2 years, as higher borrowing costs depressed sales. The Commerce Department said on Tuesday that wholesale inventories rose 1.0% as previously reported last month. Stocks at wholesalers increased 0.6% in October. Economists polled by Reuters had expected that inventories would be unrevised. Inventories are a key part of gross domestic product. Wholesale inventories accelerated 20.9% in November on a year-on-year basis. Still, the pace of inventory accumulation has decelerated considerably from the robust pace in late 2021 and early 2022 in part because of improved supply chains and ebbing demand for goods as the Federal Reserve aggressively raises interest rates to combat inflation.
Japan posts record current account surplus for November Japan logged the largest current account surplus for the month of November, driven by a record rise in primary income gains from returns on Japanese overseas investment, Ministry of Finance data showed on Thursday. The primary income surplus, an easing of trade deficits and the weak yen combined to bring Japan’s current account surplus to 1.8 trillion yen ($13.65 billion) in November, the highest ever for that month, the data showed. That was more than three times the median forecast by economists for a surplus of 471.1 billion yen in a Reuters poll, with the hefty returns from portfolio investment and direct investment overseas more than offsetting persisting trade deficits. The country’s current account surplus has long been regarded as a sign of export might and a source of confidence in the safe-haven yen, but the account has occasionally fallen into deficit on a monthly basis in recent years.
China CPI inflation beats expectations in Dec after easing of COVID curbs Chinese inflation perked up slightly in December, ducking expectations for a monthly decline as the lifting of strict anti-COVID restrictions appeared to be having the intended effect of supporting economic activity, albeit slightly. The Chinese consumer price index remained flat in December from the prior month, performing slightly better than expectations for a decline of 0.1% and November’s decline of 0.2%. On an annual basis, CPI inflation was in line with expectations for a rise of 1.8% and was a shade higher than November’s reading of 1.6%. The reading comes after the Chinese government began relaxing most anti-COVID measures in December, following increased public backlash against the draconian zero-COVID policy and signs of worsening economic growth.
Oil gains 3% on global economic optimism, despite surprise U.S. crude build The 10-year government bond yield (interpolated) on the previous trading day was 2.43, -1.52 bps. The benchmark government bond yield (LB31DA) was 2.47, -2.0 bps. LB31DA could be between 2.30-2.80. Meantime, the latest closed US 10-year bond yields was 3.54, -7.0 bps. USDTHB on the previous trading day closed around 33.49 Moving in a range of 33.33-33.43 this morning. USDTHB could be closed between 33.20-33.70 today. Oil prices rose 3% to a one-week high on Wednesday as hopes for an improved global economic outlook and concern over the impact of sanctions on Russian crude output outweighed a massive surprise build in U.S. crude stocks. Brent futures rose $2.57, or 3.2%, to settle at $82.67 a barrel. U.S. West Texas Intermediate (WTI) crude rose $2.29, or 3.1%, to settle at $77.41. Both benchmarks settled at their highest since Dec. 30, with WTI up for a fifth day in a row for the first time since October and Brent up for a third day in a row for the first time since December. Global equities were up on hopes that U.S. inflation and earnings figures due on Thursday will indicate a resilient economy and result in a slower pace of interest rate hikes. If inflation comes in below expectations, that will drive the dollar lower, analysts said, which could boost oil demand because it makes crude cheaper for buyers holding other currencies.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
