- USDTHB: moving in the range 34.015-34.075 this morning supportive level at 33.90 resistance level at 34.20
- SET Index: 1,419.7 (-0.84%), 16 Dec 2024
- S&P 500 Index: 6,074.1 (+0.38%), 16 Dec 2024
- Thai 10-year government bond yield (interpolated): 2.327 (+0.60 bps), 16 Dec 2024
- US 10-year treasury yield: 4.39 (-1.00 bps), 16 Dec 2024
- US services sector surges, while US manufacturing PMI falls short
- The decrease in eurozone business activity slows down in December
- China's consumer slowdown highlights the urgent need to boost spending
- China's home prices decline at a slower rate amid a "fragile" recovery
- US Dollar flat as markets await Fed's decision
US services sector surges, while US manufacturing PMI falls short
The US services sector has delivered strong results, with the service PMI increasing to 58.5, surpassing both the forecast of 55.7 and previous readings. On the other hand, the manufacturing PMI has declined, signaling a contraction in the sector. The latest data shows a reading of 48.3, which not only points to contraction but also falls below the expected figure of 49.4.
The decrease in eurozone business activity slows down in December
Euro-area business activity contracted less than expected in December, supported by a stronger-than-forecast services sector. The composite PMI rose to 49.5, just below 50, beating the anticipated drop to 48.2. The services index moved above 50, signaling hopes for recovery, while the manufacturing downturn continued with the PMI holding at 45.2, slightly below the forecast of 45.3.
China's consumer slowdown highlights the urgent need to boost spending
China's retail sales growth unexpectedly slowed in November, underscoring the need for Beijing to intensify efforts to boost consumer spending. Retail sales increased by 3% year-on-year, the weakest growth in three months, falling short of even the most pessimistic predictions. The decline in retail sales revealed the limits of the government’s initiative to stimulate consumption through subsidies for home appliances and cars. While sales in these categories remained robust in November, several other discretionary items saw a significant drop.
China's home prices decline at a slower rate amid a "fragile" recovery
China's home-price declines slowed for the third consecutive month in November, indicating that values may be stabilizing as policymakers intensify efforts to address the property downturn. New-home prices in 70 cities, excluding state-subsidized housing, fell by 0.2% from October, marking the smallest drop in 17 months. Meanwhile, prices of used homes dropped by 0.35%, the least since May 2023. However, real estate investment continued to decline.
US Dollar flat as markets await Fed's decision
The 10-year government bond yield (interpolated) on the previous trading day was 2.327, +0.60 bps. The benchmark government bond yield (LB346A) was 2.30, +1.0 bps. Meantime, the latest closed US 10-year bond yields was 4.39, -1.00 bps. USDTHB on the previous trading day closed around 34.12, moving in a range of 34.015 – 34.075 this morning. USDTHB could be closed between 33.90 – 34.20 today. The dollar remained unchanged on Monday, trading within narrow ranges amid limited news, as market participants awaited the key FOMC meeting on Wednesday, along with the SEPs and Chair Powell's press conference. The Japanese yen underperformed among G10 currencies against the dollar, as traders awaited the Bank of Japan's decision on Thursday. The British pound was the top G10 performer, with Cable reaching a high of 1.2698 before losing momentum just below the 1.27 mark. Sterling was supported by the UK's PMI data, which showed the services figure exceeding expectations.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
