- USDTHB: moving in the range 34.97-35.08 this morning, supportive level at 34.85 resistance level at 35.15
· SET Index: 1,627.4 (-0.41%), 27 Feb 2023
· S&P 500 Index: 3,982.2 (+0.31%), 27 Feb 2023
· Thai 10-year government bond yield (interpolated): 2.59 (+3.91 bps), 27 Feb 2023
· US 10-year treasury yield: 3.92 (-3.0 bps), 27 Feb 2023
- U.S. core capital goods orders post largest gain in five months; shipments surge
- Australia current account surplus bounces back in Dec quarter
- China property price fall to deepen in H1 before rising faster in 2023
- Oil steadies after fall on fear of rate hikes, rising inventories
U.S. core capital goods orders post largest gain in five months; shipments surge New orders for key U.S.-manufactured capital goods increased by the most in five months in January while shipments of those so-called core goods rebounded, suggesting that business spending on equipment picked up at the start of the first quarter. Some of the larger-than-expected rise in core capital goods orders reported by the Commerce Department on Monday, which ended two straight monthly declines, likely reflected higher prices last month. It joined solid consumer spending and robust labor market data in painting an upbeat picture of the economy. The string of strong data has raised the risk that the Federal Reserve could hike interest rates to a higher level than currently estimated. Orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, rose 0.8% last month. These core capital goods orders dropped 0.3% in December.
Australia current account surplus bounces back in Dec quarter Australia logged a substantially bigger-than-expected current account surplus in the December quarter, data showed on Tuesday, helped chiefly by an improvement in trading conditions and a drop in overseas liabilities. The current account surplus jumped to A$14.11 billion (A$1=$0.6746) in the three months to December 31, data from the Australian Bureau of Statistics showed. The reading was much stronger than expectations for a surplus of A$6.5 billion, and higher than the prior quarter’s revised surplus of A$753 million. Robust exports and slowing imports were the biggest boost to the current account, with a year-end resurgence in Chinese demand helping commodity shipments. The country is Australia’s largest export destination, and is a main consumer of commodities shipped from the country.
China property price fall to deepen in H1 before rising faster in 2023 China’s new home prices will see a deepening fall in the first half of the year before rebounding at a faster pace in 2023, according to a Reuters poll, as the scrapping of COVID-19 curbs and stimulus policies improve sentiment. New home prices are expected to fall 1.0% year-on-year in the first half of 2023, deepening from a fall of 0.5% forecast for that period in a November survey, according to 13 analysts and economists polled by Reuters between Feb. 17 and Feb. 24. For 2023, prices are expected to rise 2.5%, faster than an increase of 1.0% forecast in the previous poll. Consumers’ income and expectations are recovering slowly and the housing supply is exceeding demand in small cities, said Lu Zhe, chief economist at Topsperity Securities.
Oil steadies after fall on fear of rate hikes, rising inventories The 10-year government bond yield (interpolated) on the previous trading day was 2.59, +3.91 bps. The benchmark government bond yield (LB31DA) was 2.69, +6.5 bps. LB31DA could be between 2.30-2.80. Meantime, the latest closed US 10-year bond yields was 3.92 -3.0 bps. USDTHB on the previous trading day closed around 35.08 Moving in a range of 34.97-35.08 this morning. USDTHB could be closed between 34.50-35.00 today. Oil prices steadied in early Asian trade on Tuesday after falling on strong U.S. manufacturing data that raised worries about further interest rate hikes dampening demand, while analysts predicted another build in American crude inventories. Brent crude futures for April, due to expire on Tuesday, lost 20 cents to $82.25 per barrel, extending a 0.9% loss in the previous session. The more active May contract picked up 4 cents to $82.08 per barrel. U.S. West Texas Intermediate (WTI) crude futures gained 11 cents to $75.79 a barrel. The threat of more U.S. rate increases following stronger-than-expected new orders for core U.S.-manufactured capital goods in January kept a lid on oil prices, while U.S. Fed Governor Philip Jefferson said inflation for services in the United States remained "stubbornly high.”
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
