- USDTHB: moving in the range 35.52-35.61 this morning supportive level at 35.45 resistance level at 35.65
· SET Index: 1,547.2 (-0.21%), 8 Sep 2023
· S&P 500 Index: 4,457.5 (-0.18%), 8 Sep 2023
· Thai 10-year government bond yield (interpolated): 2.89 (-1.92 bps), 8 Sep 2023
· US 10-year treasury yield: 4.26 (-1.00 bps), 8 Sep 2023
- German economy expected to contract by 0.4% in 2023
- Japan cuts Q2 GDP on weak spending, wages slide
- China car sales return to growth in Aug, Tesla nearly doubles EV share
- Dollar edges lower, but on course for eighth straight winning week
German economy expected to contract by 0.4% in 2023 Germany's DIW economic research institute slightly lowered its 2023 forecast for the German economy on Friday due to a surprisingly weak second quarter. Germany's economy is now expected to contract by 0.4% in 2023, DIW said, versus its previous forecast of 0.2% contraction, with Germany being the only major global economy set to shrink this year. Sluggish consumption by private households and weak exports, due to faltering demand from China, have slowed the recovery of the German economy, the institute said. After the winter recession, the German economy stagnated in the second quarter and will initially grow only tentatively in the current third quarter, according to DIW's forecasts. However, the German economy is expected to grow by 1.2% in both 2024 and 2025, said the institute.
Japan cuts Q2 GDP on weak spending, wages slide Japan's economy grew less than initially estimated in the second quarter and wages slumped in July, casting doubt over central bank projections that solid domestic demand will keep the country on course for a recovery. Capital expenditure and private consumption both fell in the April-June period, revised gross domestic product (GDP) data showed on Friday, underscoring the fragile state of Japan's economy, which is already facing headwinds from weakening Chinese and U.S. growth. Real wages adjusted for inflation fell in July for a 16th straight month in a sign households continued to feel the pinch from rising prices, separate data showed, boding ill for consumption. Japan's economy grew an annualized 4.8% in April-June, the revised data showed, down from a preliminary estimate of 6.0% growth and below market forecasts for a revised 5.5% expansion.
China car sales return to growth in Aug, Tesla nearly doubles EV share China's passenger vehicle sales returned to growth in August year-on-year, as deeper discounts and tax breaks for environmentally friendly and electric vehicles boosted consumer sentiment even as economic growth remains weak. Car sales jumped 2.2% in August from the same month a year ago to 1.94 million units, data from the China Passenger Car Association (CPCA) showed, the first year-on-year gain since May. Sales rose 8.5% from July. For the first eight months, sales were up 1.8% at 13.38 million units. Tesla sold 64,694 cars in China in August, the data showed, while deliveries of its China-made Model Y hit 65,316 last month, topping the CPCA passenger vehicle model sales. Lower rates on existing mortgages are likely to help revive the auto market, even as slowing economic growth hits consumers' pockets.
Dollar edges lower, but on course for eighth straight winning week The 10-year government bond yield (interpolated) on the previous trading day was 2.89, -1.92 bps. The benchmark government bond yield (LB31DA) was 2.89, -1.00 bps. Meantime, the latest closed US 10-year bond yields was 4.26, -1.00 bps. USDTHB on the previous trading day closed around 35.54. Moving in a range of 35.52-35.61 this morning. USDTHB could be closed between 35.45-35.65 today. The U.S. dollar edged lower in early European trade but remains on track for an eighth straight winning week as U.S. economic resilience brings further Federal Reserve rate hikes into question. The Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.2% lower to 104.807, but remains not far from the previous session's six-month high of 105.15. Data released this week has painted an upbeat picture of the U.S. economy, as the services sector unexpectedly gained steam in August while jobless claims hit their lowest level since February. The Federal Reserve is still widely expected to hold steady on rates when it meets later this month, but this economic resilience is creating uncertainty about what the Fed might do later this year.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
