- USDTHB: moving in the range 37.60-37.76 this morning, supportive level at 37.50 resistance level at 37.80
· SET Index: 1,579.7 (+0.60), 7 Oct 2022
· S&P 500 Index: 3,639.7 (-2.84%), 7 Oct 2022
· Thai 10-year government bond yield (interpolated): 3.10 (-0.04 bps), 7 Oct 2022
· US 10-year treasury yield: 3.89 (+6.00 bps), 7 Oct 2022
- US labor market stayed tight in September: non-farm payroll +263k, jobless rate falls to 3.5%
- German retail sales, industrial output fall as inflation tightens grip
- Local tourism spending rises during China's Golden Week despite lockdowns
- Oil jumps 4% to 5-week high lifted by OPEC+ output cut
US labor market stayed tight in September: non-farm payroll +263k, jobless rate falls to 3.5% The U.S. economy continued to add jobs at a solid rate in September, with employment growth slowing only slightly from August. Nonfarm employment rose by 263,000 through the middle of the month, the Labor Department said on Friday - a little more than the 250,000 expected and only a moderate drop from August's number of 315,000, which was left unrevised. The jobless rate ticked down to a new low of 3.5% of the workforce from 3.7% in August, suggesting that the scramble for workers has hardly eased up despite increasing signs of a slowdown in parts of the economy. It's now where it was immediately before the COVID-19 pandemic erupted early in 2020. The drop in the jobless rate was due to the unemployed finding work, rather than to more people entering the workforce. The participation rate edged down to 62.3% from 62.4% in August.
German retail sales, industrial output fall as inflation tightens grip Data on Friday showed inflation's tightening stranglehold on the German economy, with a surge in import prices and falls in industrial output and retail sales adding to signs that Europe's biggest economy is heading for recession. Import prices for energy were up 162.4% in August compared with the same month in 2021, with prices of natural gas up a whopping 306.3% year-on-year as the fallout from Russia's war on Ukraine continued to upend European energy markets. Data last month showed German inflation was at its highest in more than a quarter of a century in September, driven primarily by high energy costs.
Local tourism spending rises during China's Golden Week despite lockdowns
Spending on local tourism rose during China's Golden Week holiday that ends on Friday, according to data from China's largest online travel agency Ctrip, even as clusters of lockdowns continue across the country. Per capita tourism spending in local areas increased by 30% on-year during the Golden Week holiday, according to a report Ctrip posted on an affiliated WeChat account, with short-distance, local trips comprising 65% of the tourism market. New packages have emerged that cater to those who "don't want to travel far but still want to explore". It comes as China has faced ongoing movement restrictions due to the coronavirus pandemic.
Oil jumps 4% to 5-week high lifted by OPEC+ output cut The 10-year government bond yield (interpolated) on the previous trading day was 3.10, -0.04 bps. The benchmark government bond yield (LB31DA) was 2.96, +4.0 bps. LB31DA could be between 2.90-3.10. Meantime, the latest closed US 10-year bond yields was 3.89, +6.00 bps. USDTHB on the previous trading day closed around 37.42 Moving in a range of 37.60-37.76 this morning. USDTHB could be closed between 37.60-37.80 today. Oil prices jumped about 4% to a five-week high on Friday, lifted again by an OPEC+ decision this week to make its largest supply cut since 2020 despite concern about a possible recession and rising interest rates. Oil rallied for the fifth day in a row even as the dollar moved higher after data showing the U.S. economy was creating jobs at a strong pace gave the Federal Reserve a reason to continue hefty interest rate hikes. A strong greenback can pressure oil demand, making dollar-denominated crude more expensive for other currency holders.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics,
Investing, CEIC
