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https://www.nationthailand.com/business/40007053

The baht opened at 33.79 to the US dollar on Tuesday, unchanged from the previous closing rate.

The Thai currency is likely to move between 33.70 and 33.90 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

Poon said that investors started to worry about inflation more due to the price increasing of crude oil or natural gas, which pressured the baht to weaken. The cost and transportation of goods will be high if the energy prices stay high with the supply chain problem. It will also cause a trade balance deficit and current account deficit.

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The baht is also supported by the gold price increasing which causes investors to sell. 

However, the baht will not strengthen clearly soon in the short term.
 
Poon added that the baht might test the key resistance level of 34.00 to the dollar if the dollar strengthens. The dollar might strengthen if the employment data from NFP on Friday is great.

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Baht unchanged as market awaits NFP data

Baht strengthens shortly amid risk factors

Baht not expected to strengthen in short term amid risk factors

Published : October 05, 2021

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007050

The price of gold surged by THB250 in morning trade on Tuesday.

AGold Traders Association report at 9.31am said the buying price of a gold bar was THB28,150 per baht weight and selling price THB28,250, while the buying and selling price of gold ornaments is THB27,636.68 and THB28,750, respectively.

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

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The spot gold price on Tuesday morning hovered around US$1,764 (THB59,640) per ounce after Comex gold at close on Monday rose by $9.2 to $1,767.6 per ounce due to support from the depreciation of the US dollar, including buying gold as a safe-haven asset after the fall of the US stock market.

Related news:

• SET expected to fluctuate despite the rise in oil price
• Oil Fuel Fund in deficit over Bt17 billion
• Nasdaq falls 2% as tech sell-off batters indexes

The Hong Kong gold price, meanwhile, rose sharply by HK$120 to $16,410 (THB71,267) per tael, the Chinese Gold and Silver Exchange Society reported.

Published : October 05, 2021

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007049

The Stock Exchange of Thailand (SET) Index rose by 0.44 points or 0.03 per cent to 1,614.92 on Tuesday morning, witnessing a high of 1,617.09 and a low of 1,611.42 in opening trade.

Krungsri Securities predicted the day’s index would fluctuate between 1,605 and 1,625 points despite rising oil price after the Opec+ panel recommended proceeding with gradual supply hikes.

It added that the index also gained positive sentiment from rising coal price and hopes over Thailand reopening after the domestic Covid-19 cases continued to decline.

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“However, uncertainty over higher inflation that would trigger the US Federal Reserve to taper its quantitative easing and raise the interest rate sooner than expected would pressure the index’s fund flow,” Krungsri Securities said.

It also recommended buying of the following companies’ shares as an investment strategy:

▪︎ PTT, PTTEP, TOP, PTTGC, SPRC and IVL, which benefit from rising oil price.

▪︎ Banpu and Lanna, which benefit from rising coal price.

▪︎ AOT, KBank, SCB, BBL, CPN, CRC, HMPro, AAV, BA, MINT, Amata and WHA, which benefit from the country reopening.

The SET Index closed at 1,614.48 on Monday, up 9.31 points or 0.58 per cent. Transactions totalled 78.69 billion baht with an index high of 1,619.62 and a low of 1,610.96.

Published : October 05, 2021

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007048

The Oil Fuel Fund is currently in deficit for over Bt17 billion due to liquefied petroleum gas (LPG) subsidy scheme that will last until December this year, said Energy Minister Supattanapong Punmeechaow on Monday after a meeting with the Energy Policy Administration Committee that he chairs.

The scheme has been using a budget of Bt1.4 billion per month to fix the LPG price at Bt318 per 15kg. canister since March 2020 in a bid to help alleviate people’s financial burden. Only LPG for household use will be subsidised.

“The committee has agreed to separate the LPG’s and oil fuel’s accounts from each other to efficiently manage the Oil Fuel Fund,” he said. “It is also planning to propose to the National Economic and Social Development Council (NESDC) to approved additional budget from the government’s Bt500 billion emergency loan, which should help the scheme to continue from October 2021 up to January 2022.”

Supattanapong further added that he has tasked EGAT (Electricity Generating Authority of Thailand) and PTT Plc to find an alternative for liquefied natural gas (LNG) that has been used as a fuel for domestic electricity generating after the price of LNG in global spot market has increased by $32-34 per million BTUs. “The Ministry will try to keep the cost of electricity generating low as much as possible to avoid creating burden to electricity users,” he added.
 

Published : October 05, 2021

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007035

The World Trade Organization raised its projection for global trade growth in 2021 and 2022 to 10.8% and 4.7%, respectively, citing the resurgence of economic activity in the first half of the year.

This year’s increase in merchandise trade would mark the biggest year-over-year jump since 2010. In March, the WTO projected that trade would increase by 8% in 2021 and 4% in 2022.

“Trade has been a critical tool in combating the pandemic, and this strong growth underscores how important trade will be in underpinning the global economic recovery,” WTO Director-General Ngozi Okonjo-Iweala said in a report released on Monday.

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The report warned, however, that uneven access to vaccines could exacerbate economic divergence.

“The longer vaccine inequity is allowed to persist, the greater the chance that even more dangerous variants of covid-19 will emerge, setting back the health and economic progress we have made to date,” Okonjo-Iweala said.

The WTO said the pandemic continues to present the biggest risk to the recovery in global trade and output.

To date, more than 4.7 million people worldwide have died of covid-19 and the number of global infections has passed 233 million, according to the World Health Organization.

The WTO also warned about the risks of an inflationary spike, which could persuade central banks to taper their expansive monetary policy early. “This could create negative spillovers, which would eventually hit trade flows,” according to the report.

The report added that the recent rise in inflation is “probably temporary, driven by supply-side shocks affecting certain sectors in specific economies balanced against the unexpectedly strong recovery in demand.”

The WTO’s optimistic projections could also be hampered by “longer port delays, higher shipping rates, and extended shortages of semiconductors, with supply side disruptions being exacerbated by the rapid and unexpectedly strong recovery of demand in advanced and many emerging economies.”

Gross domestic product fell 3.8% in 2020 and may expand by 5.3% this year and 4.1% in 2022, the WTO said. GDP growth has been “spurred on by strong monetary and fiscal policy support, and by the resumption of economic activity in countries that have been able to deploy coronavirus vaccines at scale,” according to the report.

Published : October 05, 2021

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https://www.nationthailand.com/business/40007034

U.S. stocks declined Monday as a sell-off in technology stocks resumed on the threat of persistently high inflation.

The S&P 500 fell 1.3% — dipping below its 100-day moving average — while the Nasdaq 100 shed 2.2% and the Dow Jones industrial average slid 0.9%.

The losses were led by high-growth technology companies — including Amazon.com Inc. and Facebook Inc. — while vaccine makers also fell on Merck & Co.’s announcement about an effective Covid-19 drug. Energy stocks, meanwhile, rose along with oil prices.

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“There’s a wall of worry that markets are trying to climb at the moment,” said Deutsche Bank strategist Jim Reid in a note. “We have an energy crisis, supply chain issues, higher inflation, signs of weaker growth, and lots of talk about stagflation.”

Global markets have taken a risk-off turn amid a growing list of worries, just as investors have been bracing for the Federal Reserve to begin tapering stimulus as early as next month. Higher inflation and Treasury yields make the premium investors pay for high-growth stocks less attractive. The risk to earnings may also be higher for some tech companies.

“Technology stocks are most likely getting hit the hardest because higher interest rates means higher discount rates for future earnings,” said Brian Price, head of investment management for Commonwealth Financial Network. “I would expect this dynamic to continue as long as inflation expectations remain at the higher end.”

Fears of a spreading energy crisis also added to concerns about inflation Monday with European power and gas prices surging before the onset of winter. The power contract for November in Germany hit a record while natural-gas futures extended a rally. Meanwhile, crude oil in New York surged to the highest since 2014 as OPEC+ agreed to an output hike for November.

“The post-pandemic recovery appears to be stumbling,” said Fiona Cincotta, senior financial markets analyst at City Index. “Supply shortages and a worsening energy crunch mean prices are rising and elevated inflation may not be as transitory as the Fed initially thought.”

President Joe Biden warned Monday that the U.S. government was also at risk of breaking its legal debt limit, describing the risk as a “meteor” headed for the economy.

The yield on the U.S. 10-year Treasury rose to 1.48%, paring back earlier gains. The dollar slid for a third day. And equities in Europe, Japan and Hong Kong fell.

Some of the main moves in markets:

Stocks

– The S&P 500 fell 1.3% as of 4 p.m. EDT

– The Nasdaq 100 fell 2.2%

– The Dow Jones industrial average fell 0.9%

– The MSCI World index fell 1%

Currencies

– The Bloomberg Dollar Spot Index fell 0.2%

– The euro rose 0.2% to $1.1621

– The British pound rose 0.5% to $1.3613

– The Japanese yen rose 0.1% to 110.93 per dollar

Bonds

– The yield on 10-year Treasurys advanced two basis points to 1.48%

– Germany’s 10-year yield advanced one basis point to -0.21%

– Britain’s 10-year yield was little changed at 1.01%

Commodities

– West Texas Intermediate crude rose 2.2% to $77.54 a barrel

– Gold futures rose 0.6% to $1,769.50 an ounce

Published : October 05, 2021

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007032

Oil in New York rose to the highest since 2014 as an OPEC+ panel recommended proceeding with gradual supply hikes amid a rapidly tightening market.

Futures jumped as much as 1.8% after the Joint Ministerial Monitoring Committee advised a 400,000-barrel-a-day increase in November, several delegates said. The meeting will be followed by a full ministerial gathering to review the recommendation.

The market has tightened significantly following the economic recovery from the pandemic and supply disruption in the Gulf of Mexico due to Hurricane Ida. Surging natural gas prices have also raised the prospect of increased demand for oil products for power generation and are boosting inflationary pressures on the global economy.

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Modeling from the Organization of Petroleum Exporting Countries and its allies shows oil demand will outstrip supply over the next two months. Yet the alliance is unlikely to add more than the planned 400,000 barrels a day of output in November, Amrita Sen, chief oil analyst and co-founder of consultant Energy Aspects, said earlier.

“I’m not saying they won’t add more than 400,000 barrels a day down the line, but for today we think that’s unlikely,” Sen said in an interview with Bloomberg Television. “Saudi Arabia is very, very keen to reduce volatility, both on the upside and the downside. That’s the key. If suddenly prices spiked, then they’ll be very quick to react.”

OPEC+ production policy will be the main factor influencing oil prices over the coming months, according to Vitol Group. There’s little chance of Iranian barrels returning this year and U.S. shale producers aren’t investing enough to raise output quickly, Mike Muller, head of Asia for the oil trading house, said Sunday in a webinar hosted by Dubai-based consultant Gulf Intelligence.

Fuel switching due to high coal and gas prices is likely to drive up oil demand by 500,000 barrels a day this winter, Sri Paravaikkarasu, head of Asia oil at consultant FGE, told Bloomberg Television. A cold winter could see consumption climb by a further 200,000 to 300,000 barrels a day, she added.

Published : October 05, 2021

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007021

The Stock Exchange of Thailand (SET) Index closed at 1,614.48 on Monday, up 9.31 points or 0.58 per cent. Transactions totalled 78.69 billion baht with an index high of 1,619.62 and a low of 1,610.96.

The index rose after dropping slightly by 0.03 per cent on Friday.

In the morning session, Krungsri Securities predicted the day’s index would fluctuate between 1,600 and 1,615 points despite positive sentiment of rising oil and coal prices, plus hopes over Thailand reopening after the domestic Covid-19 case has declined.

However, it said uncertainty over the US Federal Reserve signalling it would taper its quantitative easing and raise the interest rate sooner than expected, plus the conflict in US Congress corporate income tax hike, would pressure the index.

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The 10 stocks with the highest trade value today were KBANK, AOT, GULF, BANPU, BBL, PTT, GUNKUL, SCB, TRUE and COM7.

Related news:

• Baht unchanged as market awaits NFP data
• Gold price inches up in opening trade
• SET expected to be pressured by worries over QE tapering

Other Asian indices were down:

Japan’s Nikkei Index closed at 28,444.89, down 326.18 points or 1.13 per cent.
Hong Kong’s Hang Seng Index closed at 24,036.37, down 539.27 points or 2.19 per cent.
Taiwan’s TAIEX Index closed at 16,408.35, down 162.54 points or 0.98 per cent.

China and South Korea Indices were closed for National Day.

Published : October 04, 2021

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007008

Asean, Australia and New Zealand are to upgrade their free trade agreement by 2022, while Asean Economic Ministers (AEM) in consultations with India have resolved to increase the free trade in goods and provide increased inter-market access in hopes of creating a market of more than 2 billion consumers.

Deputy Commerce Minister Sansern Samalapa told reporters on Sunday that the 26th AEM-Asean discussions with Australia and New Zealand on September 15 had welcomed the progress in negotiations on upgrading the Asean-Australia-New Zealand Free Trade Area (AANZFTA) agreement.

The meeting also acknowledged the importance of the AANZFTA Economic Cooperation Support Programme in implementing the agreement, with officials looking forward to a successor programme by 2022.

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Sansern said officials also exchanged views on Chile’s wishes to join the AANZFTA, which would play an important role in trade linkage between Asean and the Latin American region.

As for the 18th AEM-India Consultations held on September 14, Sansern said the meeting discussed the ASEAN-India Trade in Goods Agreement (AITIGA). The resolution of the AITIGA is to be accelerated to establish a joint committee in order to proceed with the agreement, which would be beneficial for both parties as this would form a combined market of more than two billion consumers.

“Thailand has emphasised the goal of making the AITIGA agreement to broaden modern market access, reduce trade barriers and provide more facilities for traders,” Sansern added.

Related news:

• Thailand seeks FTA with Eurasian Union
• Asean-Hong Kong FTA expands to boost economic recovery post-Covid
• Export industry making most of FTA, GSP pacts, says trade dept

Published : October 04, 2021