- USDTHB: moving in the range 34.32-34.40 this morning, supportive level at 34.20 resistance level at 34.50
· SET Index: 1,679.0 (+0.01%), 3 Jan 2023
· S&P 500 Index: 3,824.1 (-0.40%), 3 Jan 2023
· Thai 10-year government bond yield (interpolated): 2.63 (-1.02 bps), 3 Jan 2023
· US 10-year treasury yield: 3.79 (-9.00 bps), 3 Jan 2023
- U.S. construction spending rebounds in November
- German inflation drops by more than expected in December
- Japan Dec factory activity posts sharpest fall in more than 2 years
- Oil prices nurse steep losses as markets look to Fed minutes
U.S. construction spending rebounds in November U.S. construction spending unexpectedly rebounded in November, lifted by gains in nonresidential structures, but single-family homebuilding continued to be hammered by higher mortgage rates. The Commerce Department said on Tuesday that construction spending climbed 0.2% in November after falling 0.2% in October. Economists polled by Reuters had forecast construction spending would decrease 0.4%. Construction spending increased 8.5% on a year-on-year basis in November. Spending on private construction projects advanced 0.3% after declining 0.7% in October. Investment in private non-residential structures like gas and oil well drilling jumped 1.7%. But outlays on residential construction fell 0.5%, with spending on single-family housing projects plunging 2.9%. Outlays on multi-family housing projects increased 2.4%, benefiting from strong demand for rental housing.
German inflation drops by more than expected in December German headline inflation fell by more than expected in December, thanks in large part to government measures to ease household energy bills, but analysts warned that underlying inflation remained uncomfortably high. The annual consumer price index dropped to 9.6% from 11.3% registered in the prior month, according to preliminary EU-harmonized data from the German federal statistics office on Tuesday. The figure is also down from a seven-decade high of 11.6% reached in October. Forecasts had estimated inflation for the final month of 2022 in Europe’s largest economy would come in at 10.7%. When not adjusted for the European-wide measure, year-on-year German CPI was 8.6%, decreasing from 10% in November.
Japan Dec factory activity posts sharpest fall in more than 2 years Japanese factory activity fell in December at the sharpest pace in 26 months, a business survey showed on Wednesday, with companies seeing further declines amid a global economic slowdown. The au Jibun Bank Japan manufacturing purchasing managers' index edged down to a seasonally adjusted 48.9 in December from November's final 49.0. Although slightly higher than the flash figure of 48.8, the reading was the weakest since October 2020 and marked the second month below the 50-line that separates contraction from expansion. Output and new orders extended their contraction for a sixth month in December, yet at slower paces than last month, the survey's subindexes showed. While the survey showed input price inflation was cooling to a 15-month low, indicating easing cost pressures, the rest of the results pointed to darker prospects for Japan Inc in early 2023.
Oil prices nurse steep losses as markets look to Fed minutes The 10-year government bond yield (interpolated) on the previous trading day was 2.63, -1.02 bps. The benchmark government bond yield (LB31DA) was 2.68, +0.00 bps. LB31DA could be between 2.50-3.00. Meantime, the latest closed US 10-year bond yields was 3.79, -9.0 bps. USDTHB on the previous trading day closed around 34.38 Moving in a range of 34.32-34.40 this morning. USDTHB could be closed between 34.20-34.70 today. Oil prices steadied on Wednesday after a weak start to 2023 amid increased fears of a looming recession, with markets now awaiting more cues on U.S. monetary policy from the minutes of the Federal Reserve’s December meeting. Crude markets were dealt a double whammy in their first trading session for the year after the International Monetary Fund warned of a potential global recession in 2023, while uncertainty over rising COVID-19 cases in China also cast doubts over a recovery in oil demand. Brent oil futures were unchanged around $82.31 a barrel, while West Texas Intermediate futures steadied at $77.0 a barrel. Both contracts plummeted over 4% each on Tuesday.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
