- USDTHB: moving in the range 37.88-38.00 this morning, supportive level at 37.70 resistance level at 38.00
· SET Index: 1,625.6 (+0.04%), 3 Nov 2022
· S&P 500 Index: 3,719.9 (-1.06%), 3 Nov 2022
· Thai 10-year government bond yield (interpolated): 3.19 (-1.35 bps), 3 Nov 2022
· US 10-year treasury yield: 4.14 (+4.0 bps), 3 Nov 2022
- US labor market unwavering despite stiff interest rates hikes
- UK services slump at fastest pace since early 2021
- China’s rich provinces post slower growth than national economy on COVID curbs
- Oil prices drop as demand fears dominate
US labor market unwavering despite stiff interest rates hikes The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, suggesting the labor market remains strong despite slowing domestic demand amid stiff interest rate hikes from the Federal Reserve to tame inflation. Initial claims for state unemployment benefits slipped 1,000 to a seasonally adjusted 217,000 for the week ended Oct. 29. Data for the prior week was revised to show 1,000 more applications filed than previously reported. Economists polled by Reuters had forecast 220,000 claims for the latest week. Claims bounced around in a tight 214,000 to 226,000 range in October.
UK services slump at fastest
pace since early 2021 The biggest downturn since
January 2021 hit British services companies last month, although it was not as
severe as first estimated, according to a business survey that underlined the
tough times ahead for the economy. The final version of the S&P Global UK
Services Purchasing Managers' Index (PMI) fell to 48.8 in October, slipping
below the 50.0 threshold for growth where the index sat in September. While
better than an initial "flash" reading of 47.5, it marked the biggest
contraction in business activity since the start of 2021 when
COVID-19 lockdowns stifled the economy.
China’s rich provinces post slower growth than national economy on COVID curbs Some of China’s most affluent regions reported slower growth in the first three quarters of the year than the national economy, as COVID-19 curbs disrupted factory and consumer activity. The economy of Guangdong, the southern economic powerhouse, and Jiangsu in the east, each grew 2.3%.Sichuan’s growth slowed to 1.5% from 2.8% in the first half of 2022. Guangdong and Sichuan were hit hard by virus curbs in the third quarter, with tech hub Shenzhen and southwestern metropolis Chengdu in Sichuan slammed by restrictions and lockdowns in September. China’s capital Beijing eked out 0.8% growth in the first three quarters.
Oil prices drop as demand fears dominate The 10-year government bond yield (interpolated) on the previous trading day was 3.19, -1.35 bps. The benchmark government bond yield (LB31DA) was 3.04, +4.0 bps. LB31DA could be between 3.00-3.10. Meantime, the latest closed US 10-year bond yields was 4.14, +4.0 bps. USDTHB on the previous trading day closed around 37.85 Moving in a range of 37.88-38.00 this morning. USDTHB could be closed between 37.70-38.10 today. Oil prices slid in early trade on Friday, extending losses from the previous session on fears U.S. interest rates will go higher than previously expected and fresh concerns that COVID outbreaks will dent fuel demand in China. Brent crude futures dropped by 22 cents, or 0.2%, to $94.45 a barrel after falling 1.5% in the previous session. The contract was on track to fall more than 1% for the week. U.S. West Texas Intermediate (WTI) crude futures fell 27 cents, or 0.3%, to $87.90 a barrel, deepening a 2% loss from the previous session, but on course to end flat for the week. Fears of a recession in the United States, the world's biggest oil consumer, grew on Thursday after Federal Reserve Chairman Jerome Powell said it was "very premature" to be thinking about pausing interest rate hikes.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
