- USDTHB: moving in the range 34.73-34.85 this morning, supportive level at 34.69 resistance level at 34.90
· SET Index: 1,619.0 (-0.08%), 16 Dec 2022
· S&P 500 Index: 3,852.4 (-1.12%), 16 Dec 2022
· Thai 10-year government bond yield (interpolated): 2.56 (+2.41
bps), 16 Dec 2022
· US 10-year treasury yield: 3.48 (+4.0 bps), 16 Dec 2022
- U.S. business activity slumps in December; price pressures ease
- Euro zone business activity falls at slower rate in Dec, inflation eases
- Chinese business confidence lowest in almost a decade
- Oil rises on Chinese demand hopes, U.S. SPR replenishment
U.S. business activity slumps in December; price pressures ease U.S. business activity contracted further in December as new orders slumped to the lowest level in just over 2-1/2 years, but softening demand helped to significantly cool inflation. S&P Global said on Friday its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, fell to 44.6 this month from a final reading of 46.4 in November. It was the sixth straight month that the index remained below the 50 mark, which indicates contraction in the private sector. Economists polled by Reuters had forecast the index at 47. The Federal Reserve's aggressive interest rate increases to tame inflation are weighing on the economy, though the labor market remains strong as businesses are not keen to lay off workers following difficulties finding labor during the COVID-19 pandemic years.
Euro zone business activity falls at slower rate in Dec, inflation eases Euro zone business activity shrank at the slowest pace in four months in December, suggesting a likely recession ahead will be shallower than previously thought, a survey showed on Friday, while prices rose at the most modest rate in about a year. S&P Global’s flash Composite Purchasing Managers’ Index (PMI), seen as a good gauge of overall economic health, rose to a four-month high of 48.8 this month from 47.8 in November, higher than the median Reuters poll forecast of 48.0. But December was the sixth month below the 50-mark separating growth from contraction, the longest streak of a downturn since June 2013. Still, the downturn in German economic activity eased for the second straight month as retreating price pressures bolstered the view that a milder recession lies ahead, a sister survey showed.
Chinese business confidence lowest in almost a decade China's business confidence hit its lowest level since at least January 2013, a survey by World Economics showed on Monday, reflecting the impact of surging COVID-19 cases on economic activity and hinting at possible recession next year. The index fell to 48.1 in December from 51.8 in November, showed the World Economics' survey of sales managers at over 2,300 companies conducted Dec. 1-16. The index was the lowest since the survey began. The world's second-biggest economy after the United States is facing a surge in COVID-19 infections following the abrupt relaxation of strict containment measures, hitting businesses and consumers alike, while a weakening global economy is hurting Chinese exports. China's GDP is expected to grow just 3% this year, its worst performance in nearly half a century.
Oil rises on Chinese demand hopes, U.S. SPR replenishment The 10-year government bond yield (interpolated) on the previous trading day was 2.56, +2.41 bps. The benchmark government bond yield (LB31DA) was 2.36, +2.33 bps. LB31DA could be between 2.20-2.70. Meantime, the latest closed US 10-year bond yields was 3.48, +4.0 bps. USDTHB on the previous trading day closed around 35.01 Moving in a range of 34.73-34.85 this morning. USDTHB could be closed between 34.80-35.20 today. Oil prices rose on Monday, recovering from steep losses in the prior session as markets bet on a demand recovery fueled by China’s economic reopening, while the Biden administration’s pledge to begin refilling its strategic reserve also brightened the outlook for prices. Crude markets were buoyant as several Chinese officials, including President Xi Jinping, vowed to shore up economic growth after a year of COVID-19 lockdowns battered the world’s second-largest economy. The country has now begun relaxing several anti-COVID measures, with recent road and air transport metrics showing that fuel demand is already picking up.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
