Consumer inflation expectations hit eight-year high in Fed study #SootinClaimon.Com

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https://www.nationthailand.com/business/40004434

Consumer inflation expectations hit eight-year high in Fed study


U.S. consumers expectations for inflation over the medium term rose to an eight-year high in July, according to a Federal Reserve Bank of New York survey.

Consumer inflation expectations hit eight-year high in Fed study

The median survey respondent anticipated an inflation rate of 3.7% in three years’ time, the highest since August 2013 and up from 3.6% in June, the New York Fed said Monday. Expectations for inflation over the next year rose to a record 4.8%.

Fed officials follow measures of inflation expectations closely because they believe them to be key determinants of actual inflation. The New York Fed survey results are somewhat at odds with indicators of inflation compensation in financial markets, like the 10-year break-even inflation rate derived from inflation-protected Treasury bonds, which has moderated since reaching an eight-year high in May.

Consumers polled by the New York Fed said they expected rents to increase 9.8% in the coming year, the highest reading since the survey began in 2013. Expected changes in medical care costs over the next 12 months ticked up to 9.5%, while the expected change in gas prices moderated to 8.1%.

Older Americans and those with incomes below $50,000 reported the sharpest anticipated rise in prices over the medium term, the survey results showed.

Forecasters polled by Bloomberg expect the Labor Department’s monthly report on consumer prices, to be published Wednesday, will show that the annual inflation rate moderated slightly in July after rising to a 13-year high of 5.4% in June.

Published : August 10, 2021

By : Syndication Washington Post, Bloomberg · Alex Tanzi

Thai stocks buck expectations with 1.2% rise #SootinClaimon.Com

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https://www.nationthailand.com/business/40004425

Thai stocks buck expectations with 1.2% rise


The Stock Exchange of Thailand (SET) Index closed at 1,540.19 on Monday, up 18.47 points or 1.21 per cent. Transactions totalled THB69.89 billion with an index high of 1,543.71 and a low of 1,525.29.

In the morning session, Krungsri Securities forecast that Monday’s index would fall to between 1,510 and 1,515 points despite strong US non-farm payroll data.

It predicted the index would be pressured by the impact on the Thai economy of lockdown measures, anti-government protests, the weakening baht and outflow of foreign funds.

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The 10 stocks with the highest trade value today were GULF, DELTA, KBANK, 7UP, BANPU, GPSC, PTT, AOT, RCL and SCB.

Other Asian indices were mixed:

China’s Shanghai SE Composite Index closed at 3,494.63, up 36.41 points or 1.05 per cent, while the Shenzhen SE Component Index closed at 14,941.44, up 114.03 points or 0.77 per cent.

Hong Kong’s Hang Seng Index closed at 26,283.40, up 104.00 points or 0.40 per cent.

South Korea’s KOSPI closed at 3,260.42, down 9.94 points or 0.30 per cent.

Taiwan’s TAIEX closed at 17,485.15, down 41.13 points or 0.23 per cent.

Japan’s Nikkei Index was closed for Mountain Day.

Published : August 09, 2021

By : The Nation

Limited upside for SET amid slew of negative factors #SootinClaimon.Com

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https://www.nationthailand.com/business/40004407

Limited upside for SET amid slew of negative factors


The Stock Exchange of Thailand (SET) Index rose by 5.70 points, or 0.37 per cent, to 1,527.42 on Monday morning.

The SET Index closed at 1,521.72 on Friday, down 5.94 points or 0.39 per cent. Transactions totalled THB82.72 billion with an index high of 1,537.27 and a low of 1,514.67.

Krungsri Securities forecast that the index on Monday will fall to between 1,510 and 1,515 points despite strong US non-farm payroll data.

It predicted that the impact on the economy from Covid-19 lockdown measures, anti-government protests, the weakening baht and outflow of foreign funds would pressure the index.

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It recommended selective buying as an investment strategy:

▪︎ HANA, KCE, TU, CPF, GFPT, ASIAN, EPG and SUN, which will benefit from the weakening baht.

▪︎ BCH, CHG, BDMS, DOHOME, CKP, CBG, OSP, ICHI, BEC, GUNKUL, JWD, WICE, SONIC, NER, TTA, RCL, SINGER, JMT and JMART, whose second-quarter turnover is expected to improve.

Published : August 09, 2021

By : The Nation

Price plummets as high sales rob gold of its glitter #SootinClaimon.Com

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https://www.nationthailand.com/business/40004406

Price plummets as high sales rob gold of its glitter


The price of gold in Thailand dropped by THB450 per baht weight on Monday morning.

The Gold Traders Association report at 9.29am showed the buying price of a gold bar at THB27,450 per baht weight and selling price at THB27,550, while gold ornaments were priced at THB26,954.48 and THB28,050, respectively.


At close on Saturday, the buying price of a gold bar was THB27,900 per baht weight and selling price THB28,000, while gold ornaments were priced at THB27,394.12 and THB28,500, respectively.


Spot gold on Monday morning dropped to US$1,738 (THB58,119) per ounce after Comex gold price at close on Friday dropped heavily by $45.8 to $1,763.1 per ounce, due to pressure from the selling of gold as safe-haven assets, after US non-farm payroll in July surged beyond expectation.

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Hong Kong gold price meanwhile crashed by HK$680 to $16,030 (THB68,887) per tael, the Chinese Gold and Silver Exchange Society reported.

Published : August 09, 2021

By : The Nation

As baht slumps to three-year low, expert predicts further slide #SootinClaimon.Com

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https://www.nationthailand.com/business/40004405

As baht slumps to three-year low, expert predicts further slide


The baht opened at 33.42 to the US dollar on Monday, weakening from last week’s closing rate of 33.38.

It was the lowest the baht had slid to in almost three years.

The Thai currency was likely to move between 33.40 and 33.55 during the day and between 33.20 and 33.70 this week, Krungthai Bank market strategist Poon Panichpibool said.

The baht’s trend would depend on the dollar’s movement and the Covid-19 situation worldwide, especially in Thailand, he explained.

Poon said that the dollar would gain momentum if the US Federal Reserve reduced quantitative easing this year. However, the dollar’s gains might be restricted by Europe’s economy in case the latter continued recovering and performing better than expection.

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Meanwhile, the resistance of the baht was nearly at 33.80 per US dollar. Poon pointed out that the currency would weaken to the level, as the Covid-19 situation in Thailand had not improved and foreign investors are selling their assets in the Thai market.

He said the baht would strengthen if the government could distribute 500,000 doses of efficient vaccine per day to solve the Covid problem.

Last week, the US labour market recovered better than expected, which supported the idea that the Fed might decrease quantitative easing this year, causing the US dollar to continuously strengthen.

Published : August 09, 2021

By : The Nation

Bangkok Airways welcomes and congratulates Olympic hero Sudaporn “Taew” Srisondee #SootinClaimon.Com

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https://www.nationthailand.com/in-focus/40004459

Bangkok Airways welcomes and congratulates Olympic hero Sudaporn “Taew” Srisondee


Congratulates Olympic hero Sudaporn “Taew” Srisondee and Thailand Boxing Association team at Samui Airport

Bangkok Airways represented by Mrs. Marisa Pongpattanapun, Director – Ground Services (4th from right) welcomed and congratulated Ms. Sudaporn Srisondee (Taew) (5th from right), the first Thai female boxer who secured an Olympic bronze medal for Thailand at the recent Olympic Games in Tokyo, Japan. Mrs. Marisa also extended a warm welcome to the Thailand Boxing Association team led by Mr. Somchai Poonsawat, Team Manger and Technical Chairman (6th from right) to Samui Airport. The whole team decided to do a required 14 days quarantine in Koh Samui.

They travelled on Bangkok Airways flight PG5171 from Bangkok to Samui which is a specially-operated flight for international passengers transiting in Bangkok to Koh Samui as part of the Samui Plus Model project.

Published : August 10, 2021

Thai police ready to aid US probe into plot to kill Myanmars UN ambassador #SootinClaimon.Com

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https://www.nationthailand.com/in-focus/40004458

Thai police ready to aid US probe into plot to kill Myanmars UN ambassador


Thai police will provide full cooperation to United States authorities, if requested, in the investigation of two Myanmar citizens who were allegedly plotting to kill their countrys ambassador to the United Nations, Pol General Krisana Pattanacharoen, deputy spokesman of the Royal Thai Police, told a press conference on Monday.

On August 6, VOA News reported that authorities in the US had arrested two Myanmar citizens residing in New York in connection with an alleged plot to kill Kyaw Moe Tun, who was making a three-finger salute in protest against the military coup in Myanmar when he addressed the General Assembly on February 26, 2021 in New York.

According to a news release from the US Attorney’s Office of the Southern District of New York, Phyo Hein Htut had hatched a plot with an arms dealer in Thailand who sells weapons to the Myanmar military.

Under the plan, Phyo Hein Htut would “hire attackers to hurt the ambassador in an attempt to force the ambassador to step down from his post. If the ambassador did not step down, then the arms dealer proposed that the attackers hired by Htut would kill the ambassador.”

The second defendant, Ye Hein Zaw, allegedly was going to send money to Phyo Hein Htut to finance the attack, which was to take place near New York City.

Krisana said that Thai Police is preparing to cooperate with the investigation since the case involved a party from Thailand. “However, so far US authorities have not made any request,” he said.

Published : August 10, 2021

By : THE NATION

Airlines allowed to fly chartered flights from Phuket to Suvarnabhumi #SootinClaimon.Com

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https://www.nationthailand.com/in-focus/40004457

Airlines allowed to fly chartered flights from Phuket to Suvarnabhumi


The Civil Aviation Authority of Thailand (CAAT) has allowed chartered flights from Phuket to land at Suvarnabhumi Airport to facilitate departure from the province for tourists visiting under the sandbox programme.

The CAAT explanation on Monday came after news of foreign tourists in Phuket having to travel by buses to Suvarnabhumi Airport in Samut Prakan province to catch a flight home, raising questions whether the CAAT had prohibited the flights from Phuket to Suvarnabhumi.

“On July 18, the CAAT barred domestic passenger flights to and from provinces classified as ‘dark red’ due to the Covid-19 situation, which includes Samut Prakan,” said the authority. “However, exceptions have been made for tourists under the Phuket sandbox programme who wish to leave the province.

“Chartered flights from Phuket can still land at Suvarnabhumi Airport to transport foreign passengers. However, so far no airline has applied to operate such flights from Phuket, probably due to low number of passengers, which could make the flight less cost effective,” it added.

The CAAT added that flights from Phuket to U-Tapao Airport in Rayong province are still available and could be an alternative for tourists under the sandbox programme.

“We have instructed airlines operating flights to U-Tapao to provide shuttle buses from U-Tapao to Suvarnabhumi, which should help tourists from Phuket who wish to return home while there are still no chartered flights available directly from Phuket,” the agency said.

Published : August 10, 2021

By : THE NATION

Daily Covid-19 deaths reach new high on Tuesday at 235 deaths with 19,843 new infections #SootinClaimon.Com

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https://www.nationthailand.com/in-focus/40004441

Daily Covid-19 deaths reach new high on Tuesday at 235 deaths with 19,843 new infections


Ministry of Public Health reported on Tuesday (August 10) morning that in the past 24 hours there are 19,843 new patients who tested positive for Covid-19, 398 of whom have been found in prisons.

Death toll increased by 235, which is the country’s new high, while 22,806 patients were cured and allowed to leave hospitals.

Cumulative cases in the country are at 795,951 with 6,588 total deaths.
 

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Daily Covid-19 deaths reach new high on Tuesday at 235 deaths with 19,843 new infectionsDaily Covid-19 deaths reach new high on Tuesday at 235 deaths with 19,843 new infections

Published : August 10, 2021

By : THE NATION

Thundershowers forecast for all regions of the country #SootinClaimon.Com

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https://www.nationthailand.com/in-focus/40004439

Thundershowers forecast for all regions of the country


The Thailand Meteorological Department said on Tuesday that the southwest monsoon prevails over the Andaman Sea, Thailand and the Gulf of Thailand, while a low pressure covers Laos and upper Vietnam.

More rains are forecast for the North, the Northeast and the South with isolated heavy rains on the west coast of the South.

Waves 1-2 metres high and more than two metres high during thundershowers are expected in the Andaman Sea and the upper Gulf of Thailand.

All ships should proceed with caution, the department said.

The weather forecast for the next 24 hours:

North: Thundershowers in 40 per cent of the areas; temperature lows of 24-28 degrees Celsius, highs of 34-38°C.

Northeast: Thundershowers in 40 per cent of the areas; temperature lows of 25-27°C, highs of 35-37°C.

Central: Thundershowers in 20 per cent of the areas; temperature lows of 25-27°C, highs of 35-38°C.

East: Thundershowers in 20 per cent of the areas; temperature lows of 26-28°C, highs of 32-37°C; waves 1-2 metres high and over two metres during thundershowers.

South (east coast): Thundershowers in 40 per cent of the areas; temperature lows of 24-26°C, highs of 34-37°C; waves a metre high and 1-2 metres during thundershowers.

South (west coast): Thundershowers in 40 per cent of the areas with isolated heavy rains; temperature lows of 22-26°C, highs of 30-34°C; waves 1-2 metres high and over two metres during thundershowers.

Bangkok and surrounding areas: Thundershowers in 10 per cent of the areas; temperature lows of 27-28°C, highs of 33-38°C.

Source: Thailand Meteorological Department

Published : August 10, 2021

By : THE NATION