- USDTHB: moving in the range 37.06-37.11 this morning supportive level at 36.90 resistance level at 37.20
· SET Index: 1,469.5 (-0.13%), 2 Oct 2023
· S&P 500 Index: 4,288.4 (-0.26%), 2 Oct 2023
· Thai 10-year government bond yield (interpolated): 3.15 (-2.88 bps), 2 Oct 2023
· US 10-year treasury yield: 4.69 (+10.00 bps), 2 Oct 2023
- US manufacturing sector nears recovery; construction spending solid
- Euro zone factory activity stuck in steep downturn in September
- Japan's factory activity extends declines in September
- Dollar climbs to near 150 vs yen after US shutdown avoided
US manufacturing sector nears recovery; construction spending solid US manufacturing took a step further towards recovery in September as production picked up and employment rebounded, according to a survey that also showed prices paid for inputs by factories falling considerably. The ISM said that its manufacturing PMI increased to 49.0 last month, the highest reading since November 2022, from 47.6 in August. Still, September marked the 11th straight month that the PMI remained below 50, which indicates contraction in manufacturing. That is the longest such stretch since the 2007-2009 Great Recession. Economists polled by Reuters had forecast the index edging up to 47.7. Last month's rise pulled the PMI above the 48.7 level that the ISM says over time indicates an expansion of the overall economy. Growth estimates for the third quarter are as high as a 4.9% annualized rate. The economy grew at a 2.1% pace in the April-June quarter.
Euro zone factory activity stuck in steep downturn in September Euro zone manufacturing activity remained mired in a deep and broad-based downturn last month, according to a survey that demand kept shrinking at a pace rarely surpassed since the data was first collected in 1997. HCOB's final euro zone manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, dipped to 43.4 in September from August's 43.5, matching a preliminary estimate. A reading below 50 marks a contraction in activity. An index measuring output, which feeds into a composite PMI due on Wednesday and seen as a good gauge of economic health, fell to 43.1 from 43.4. The new orders index did rise last month, to 39.2 from August's 39.0, but it remained firmly below the breakeven mark.
Japan's factory activity extends declines in September Japan's factory activity fell at the fastest pace in seven months in September, as worsening global economic conditions continued to weaken demand. The final au Jibun Bank Japan manufacturing purchasing managers' index (PMI) fell to 48.5 in September from 49.6 in August and roughly in line with the flash reading of 48.6. The index has remained below the 50.0-point threshold that separates growth from contraction for four straight months. Output in September was the lowest since June while the decline in new orders was the steepest since February, S&P Global Market Intelligence data showed. New export orders have remained in contraction for 19 consecutive months, due to softer demand from mainland China and Taiwan.
Dollar climbs to near 150 vs yen after US shutdown avoided The 10-year government bond yield (interpolated) on the previous trading day was 3.15, -2.88 bps. The benchmark government bond yield (LB31DA) was 3.11, -3.00 bps. Meantime, the latest closed US 10-year bond yields was 4.69, +10.00 bps. USDTHB on the previous trading day closed around 36.80. Moving in a range of 37.06-37.11 this morning. USDTHB could be closed between 36.90-37.20 today. The dollar index climbed building on four straight weeks of gains, after the US government avoided a shutdown and economic data again supported the view that the Federal Reserve will keep interest rates higher for a longer period. US manufacturing took a step further toward recovery in September as production picked up and employment rebounded, according to an Institute for Supply Management survey that also showed prices paid for inputs by factories falling considerably. The US Congress passed a stopgap funding bill late with overwhelming Democratic support after Republican House Speaker Kevin McCarthy backed down from an earlier demand by his party's hardliners for a partisan bill. Treasury yields rose, with the benchmark 10-year note hitting 4.703%, as averting a government shutdown reduced demand for US debt, while the data highlighted the economy's resiliency despite the Fed's target rate in restrictive territory.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
