- USDTHB: moving in the range 37.83-37.88 this morning, supportive level at 37.70 resistance level at 38.00
· SET Index: 1,589.5 (-0.18%), 30 Sep 2022
· S&P 500 Index: 3,585.6 (-1.52%), 30 Sep 2022
· Thai 10-year government bond yield (interpolated): 3.21 (-5.66 bps), 30 Sep 2022
· US 10-year treasury yield: 3.83 (+7.00 bps), 30 Sep 2022
- US core PCE inflation beats expectations again in August
- Euro zone inflation hits record high 10%, raising pressure on ECB
- Japanese factory sentiment unexpectedly worsens in Q3
- Oil rallies over 2% on reports of OPEC+ supply cut this week
US core PCE inflation beats expectations again in August The core price index for personal consumer expenditures, which is a more accurate reflection of the actual spending patterns of US consumers than the Consumer Price Index, rose 0.6% on the month, after rising only 0.1% in July. Analysts had expected an increase of 0.5%. Stripping out food and energy, core PCE inflation rose to 4.9% on the year, from an upwardly-revised 4.7% in July. Overall PCE inflation rose more gently, by only 0.3%, owing largely to the steady decline in gasoline prices through the month, which led to overall energy prices falling 5.5% on the month. By contrast, food prices rose 0.8%, the Bureau of Economic Analysis said. As a result, the headline rate of PCE inflation fell to 6.2% from 6.4%.
Euro zone inflation hits record high 10%, raising pressure on ECB Euro zone inflation zoomed past forecasts to hit 10.0% in September, a new record high that will reinforce expectations for another jumbo interest rate hike next month from the European Central Bank. Price growth in the 19 countries sharing the euro accelerated from August’s 9.1%, data from Eurostat showed, beating expectations for a reading of 9.7%, with some euro zone members experiencing the fastest price growth since the time of the Korean War 70 years ago. Inflation was still driven mainly by volatile energy and food prices but continued to broaden out, with virtually all categories, from services to industrial goods, now showing painfully high readings.
Japanese factory sentiment unexpectedly worsens in Q3 Sentiment among major Japanese manufacturers unexpectedly worsened in the third quarter, a survey by the Bank of Japan showed, as rising material costs and a worsening economic outlook weighed. The BoJ’s Tankan Large Manufacturers Index, which is based on a quarterly poll conducted by the bank, fell to 8 in the quarter to Sept. 30 from 9 in the prior quarter. Analysts expected a reading of 11. The reading also puts manufacturing sentiment at its weakest level since March 2021, when the country was grappling with fresh COVID-19 outbreaks. An index of industry outlook also ducked expectations. Sentiment among commodity-importing industries such as petroleum, lumber and iron worsened the most.
Oil rallies over 2% on reports of OPEC+ supply cut this week The 10-year government bond yield (interpolated) on the previous trading day was 3.21, -5.66 bps. The benchmark government bond yield (LB31DA) was 3.10, -10.0 bps. LB31DA could be between 3.05-3.15. Meantime, the latest closed US 10-year bond yields was 3.83, +7.00 bps. USDTHB on the previous trading day closed around 37.92 Moving in a range of 37.83-37.88 this morning. USDTHB could be closed between 37.85-38.10 today. Oil prices rallied in early trade on Monday following multiple reports that the OPEC+ will decide on supply cuts during a meeting this week, as it grapples with weakening prices. The Organization of Petroleum Exporting Countries and its allies (OPEC+) is considering production cuts of over 1 million barrels a day (bpd) when it meets on Wednesday, in order to support weakening crude prices. The cut would come amid several signals from OPEC members that recent declines in crude prices were unfounded, and that production cuts to stabilize prices are in order.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
