- USDTHB: moving in the range 34.39-34.45 this morning supportive level at 34.30 resistance level at 34.50
- SET Index: 1,446.3 (+0.40%), 22 Nov 2024
- S&P 500 Index: 5,969.3 (+0.35%), 22 Nov 2024
- Thai 10-year government bond yield (interpolated): 2.446 (+0.12 bps), 22 Nov 2024
- US 10-year treasury yield: 4.41 (-2.00 bps), 22 Nov 2024
- US business activity expands most since 2022 as confidence builds
- US consumer sentiment rises less than forecast after election
- Euro zone business activity falls sharply in November
- UK private sector stalls following budget tax increase
- Dollar rises as euro falls to a two-year low following PMI data
US business activity expands most since 2022 as confidence builds
US business activity is expanding at its fastest pace since April 2022, driven by optimism about incoming Trump administration policies. The S&P Global flash November composite index rose to 55.3, signaling growth. While services led the increase, manufacturers were more optimistic about future production. The Manufacturing PMI rose to 48.8, and the Services PMI surged to 57.0. The report suggests that economic growth is picking up in Q4, with easing inflationary pressures.
US consumer sentiment rises less than forecast after election
The final November UoM consumer sentiment survey saw several downward revisions. The headline sentiment fell to 71.8 from 73.0, missing expectations of 73.7. Current conditions dropped to 63.9 from 64.4, and expectations fell to 76.9 from 78.5, though still better than October. The report highlighted a partisan shift, with Republicans' expectations rising and Democrats' falling, reflecting views on Trump's policies. Despite this, current conditions remained stable across political lines. The 1-year inflation expectation held at 2.6%, while the 5-year forecast rose slightly to 3.2%.
Euro zone business activity falls sharply in November
Euro zone business activity unexpectedly worsened this month, with the region's dominant services sector contracting and manufacturing deepening its recession. HCOB's preliminary composite euro zone PMI dropped to a 10-month low of 48.1 in November, below expectations of no change. Both manufacturing and services are seeing weaker new business, particularly in export orders, as the euro zone struggles with weak demand from abroad. The manufacturing PMI fell to 45.2 from 46.0, defying expectations of stability, while the services PMI dropped to a 10-month low of 49.2 from 51.6.
UK private sector stalls following budget tax increase
The preliminary composite PMI dropped to 49.9 in November from 51.8 in October, below the expected 51.7. This marks the first time it's fallen below 50.0 in 13 months. The new government's tax hike plans contributed to the first private sector contraction in over a year, with services PMI falling to a 13-month low of 50 and manufacturing output shrinking at the fastest pace in nine months. Both sectors saw weaker new business, particularly in exports, as the region faces weak external demand. Manufacturing PMI dropped to 45.2, and services PMI fell to 49.2, both lower than expected.
Dollar rises as euro falls to a two-year low following PMI data
The 10-year government bond yield (interpolated) on the previous trading day was 2.446, +0.12 bps. The benchmark government bond yield (LB346A) was 2.425, +0.5 bps. Meantime, the latest closed US 10-year bond yields was 4.41, -2.00 bps. USDTHB on the previous trading day closed around 34.74, moving in a range of 34.39 – 34.45 this morning. USDTHB could be closed between 34.30 – 34.50 today. The dollar index continued its upward momentum on Friday, driven by weaknesses in the EUR and GBP. The Euro's decline started after weak French Flash PMIs were released, with further losses following disappointing German PMIs and continuing to new lows at 1.0336 after weak Eurozone PMI data. For the British pound, a larger-than-expected drop in October retail sales added downward pressure on Cable, and later, disappointing UK Flash PMIs pushed Cable to fresh lows of 1.2488.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
