- USDTHB: moving in the range 34.09-34.15 this morning supportive level at 34.00 resistance level at 34.30
- SET Index: 1,450.8 (-0.27%), 4 Dec 2024
- S&P 500 Index: 6,075.1 (-0.19%), 5 Dec 2024
- Thai 10-year government bond yield (interpolated): 2.324 (+2.95 bps), 4 Dec 2024
- US 10-year treasury yield: 4.17 (-2.00 bps), 5 Dec 2024
- US private payrolls growth slowed in November
- US services activity grows at the weakest rate in three months
- French government ousted in no-confidence vote, worsening political crisis
- OPEC+ delays revival of its oil production by three months
- Thailand's November inflation missed forecasts, staying below the central bank's target
- US Dollar slips as markets await guidance in Friday's NFP report
US private payrolls growth slowed in November
The ADP report for November showed a 146k job increase, down from the revised 184k (previously 233k) and slightly below the 150k forecast. Median annual pay for job stayers rose to 4.8% from 4.6%, while job changers saw a 7.2% increase, up from 6.2%. ADP’s Chief Economist noted solid overall job growth, though manufacturing, financial services, and leisure/hospitality were weak.
US services activity grows at the weakest rate in three months
The ISM Services PMI for November dropped to 52.1 from 56.0, below expectations. Prices paid rose slightly to 58.2, while business activity fell to 53.7. New orders, employment, backlog, and supplier deliveries all declined, with supplier deliveries entering contraction. Inventories also dropped below 50.0. Some respondents noted tariff uncertainties, but others remained optimistic about 2025 despite reducing spending and employment.
French government ousted in no-confidence vote, worsening political crisis
French lawmakers passed a no-confidence vote against the government on Wednesday, deepening the crisis in the EU's second-largest economy and threatening its ability to address a large budget deficit. Far-right and left-wing lawmakers united to support the motion, with 331 votes in favor. PM Barnier resigned as expected, while President Macron seeks to ally with the Socialist Party.
OPEC+ delays revival of its oil production by three months
OPEC+ delayed the restart of oil production by three months, marking its third delay, as crude prices face a potential surplus. Led by Saudi Arabia and Russia, the group postponed the planned supply increase, initially set for January, to April, with the pace of production increases slower than originally planned.
Thailand's November inflation missed forecasts, staying below the central bank's target
Thailand's CPI rose 0.95% in November year-on-year, driven by higher food and energy costs, below the expected 1.1% increase and the central bank's 1-3% target. Core CPI rose 0.80%, slightly above the forecasted 0.77%. From January to November, average inflation was 0.32%, with core inflation at 0.55%. The ministry expects headline inflation in 2025 to range from 0.3% to 1.3%, supported by economic growth and government stimulus.
US Dollar slips as markets await guidance in Friday's NFP report
The 10-year government bond yield (interpolated) on the previous trading day was 2.324, +2.95 bps. The benchmark government bond yield (LB346A) was 2.30, +2.0 bps. Meantime, the latest closed US 10-year bond yields was 4.17, -2.00 bps. USDTHB on the previous trading day closed around 34.32, moving in a range of 34.09 – 34.15 this morning. USDTHB could be closed between 34.00 – 34.30 today. The dollar weakened after soft ISM Services data and higher-than-expected Initial Jobless Claims, with focus shifting to Friday's NFP report. The euro gained but stayed near 1.0500 due to mixed data. The yen remained strong after BoJ comments but retreated as USD/JPY rose above 150.00, with attention now on Japan's household spending and earnings data.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
