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https://www.nationthailand.com/business/30404567

Stocks climb to record after strong economic data

EconApr 06. 2021

By Syndication Washington Post, Bloomberg · Rita Nazareth, Claire Ballentine

Stocks climbed to a record after solid U.S. economic data added to evidence the recovery is gaining momentum. The dollar fell while Treasurys were little changed. Oil sank.

Most major groups in the S&P 500 rose, with the gauge extending gains into a third session. The Nasdaq 100 rallied 2%. Google’s parent Alphabet jumped as the U.S. Supreme Court ruled that the company did not commit copyright infringement when it used Oracle’s programming code in the Android operating system. Tesla rallied after blowout delivery numbers from the electric-vehicle maker. GameStop slumped on plans to sell up to $1 billion worth of additional shares.

Traders pushed up the value of stocks after data highlighted an economic pickup as more Americans are vaccinated against the coronavirus, restrictions are rolled back and fiscal relief takes hold. U.S. service providers had the fastest growth on record in March as orders jumped to new highs. The figures from the Institute for Supply Management followed a Friday report showing that employers added the most jobs in seven months.

“It’s hard to look around and find a lot of reasons to be negative,” said Ross Mayfield, investment strategy analyst at Baird. “We had a big beat on March payrolls, Treasurys have mostly been unchanged. It’s one of those situations where good news is actually good news.”

Despite the gains in stocks in recent days, speculators have been pulling back their bets for lower volatility. Net short noncommercial positions in Cboe Volatility Index futures have shrunk for six straight weeks to their lowest since the beginning of December. The U.S. equity volatility benchmark fell to its lowest in over a year on Thursday as the S&P 500 closed at a record high.

– – –

Some key events to watch this week:

– The 2021 Spring Meetings of the International Monetary Fund and the World Bank Group take place virtually. U.S. Treasury Secretary Janet Yellen is among the participants of a climate discussion on Tuesday. Federal Reserve Chair Jerome Powell takes part in a panel about the global economy on Thursday.

– The Fed publishes minutes from its March meeting on Wednesday.

– Japan releases its balance of payments numbers Thursday.

– China’s consumer and producer prices data are due Friday.

– – –

These are some of the main moves in markets:

Stocks

– The S&P 500 rose 1.4% at 4 p.m. New York time.

– The Dow Jones Industrial Average added 1.1%.

– The Nasdaq Composite Index climbed 1.7%.

Currencies

– The Bloomberg Dollar Spot Index declined 0.3%.

– The euro increased 0.4% to $1.1811.

– The Japanese yen appreciated 0.4% to 110.21 per dollar.

Bonds

– The yield on two-year Treasurys decreased two basis points to 0.17%.

– The yield on 10-year Treasurys fell one basis point to 1.71%.

– The yield on 30-year Treasurys declined one basis point to 2.35%.

Commodities

– West Texas Intermediate crude dipped 4.4% to $58.75 a barrel.

– Gold was little changed at $1,728.15 an ounce.

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https://www.nationthailand.com/business/30404556

SET dips amid signs of overbought stocks

EconApr 05. 2021

By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,579.66 on Monday, down 16.61 points or 1.04 per cent. The volume of total transactions was Bt81.50 billion with an index high of 1,601.24 and a low of 1,575.56.

In the morning session, Krungsri Securities expected the day’s index to climb to between 1,600 and 1,605 before falling back, after a rise in US non-farm payrolls and falling jobless claims, plus the US administration’s $2.26-trillion infrastructure plan.

However, uncertainty over the rising US bond yield and signs of overbought stocks would pressure the index, said Krungsri Securities.

The 10 stocks with the highest trade value today were DELTA, GUNKUL, IRPC, STGT, STARK, STA, CPALL, PTTGC, AI and IVL.

Other Asian indices were on the rise:

Japan’s Nikkei Index closed at 30,089.25, up 235.25 points or 0.79 per cent.

South Korea’s KOSPI closed at 3,120.83, up 8.03 points or 0.26 per cent.

China and Taiwan stock indices were closed for the Qingming festival, while Hong Kong’s Hang Seng Index was closed for Easter.

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https://www.nationthailand.com/business/30404541

Strong US data, overbought stocks expected to pressure SET

EconApr 05. 2021

By The Nation

The Stock Exchange of Thailand (SET) Index rose by 1.21 points, or 0.08 per cent, to 1,597.48 in the morning session on Monday.

A Krungsri Securities analyst expected the SET Index to rise to between 1,600 and 1,605 before falling over rising US non-farm payroll and falling jobless claims, plus a US$2.26-trillion infrastructure plan.

However, uncertainty over rising US bond yield and signs of overbought stocks would pressure the index, he said.

He recommended that investors buy:

▪︎ EA, GPSC and BBP, which benefit from the Thai government’s move to promote electric cars.

▪︎ AOT, MINT, CENTEL, AAV, BA, CPN, CRC, MAJOR, BDMS and BH, which benefit from Thailand’s Covid-19 vaccination programme and the government’s move to reopen the country to foreign tourists.

▪︎ HANA, KCE, TU and CPF, which benefit from the weakening baht.

The SET Index closed at 1,596.27 on Friday, up 1.15 points or 0.07 per cent. The volume of total transactions was Bt76 billion with an index high of 1,606.41 and a low of 1,595.31.

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https://www.nationthailand.com/business/30404538

Gold sees slight gain but likely to slide in global market

EconApr 05. 2021

By The Nation

The price of gold rose by Bt50 per baht weight in morning trade on Monday, the Gold Traders Association reported.

As of 9.32am, the buying price of a gold bar was Bt25,500 per baht weight and selling price Bt25,600, while gold ornaments were priced at Bt25,044.32 and Bt26,100, respectively.

At close on Saturday, the buying price of a gold bar was Bt25,450 per baht weight and selling price Bt25,550, while gold ornaments were Bt24,998.84 and Bt26,050, respectively. The price was unchanged compared to the previous week’s close.

Spot gold price moved to US$1,728 (Bt54,113) per ounce on Monday. Even gold markets in the US, Europe and Asia on Friday were closed for Good Friday. The price is likely to drop due to strong US non-farm payroll data.

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https://www.nationthailand.com/business/30404456

SET up slightly as Asian markets gain ground

EconApr 02. 2021

By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,596.27 on Friday, up 1.15 points or 0.07 per cent. The volume of total transactions was Bt76 billion with an index high of 1,606.41 and a low of 1,595.31.

In the morning session, Krungsri Securities expected the day’s index to rise to between 1,600 and 1,610 on the back of the US’ $2.25-trillion infrastructure plan, the rising oil price after Opec+ agreed to increase oil production gradually, and falling US bond yield.

The 10 stocks with the highest trade value today were IRPC, DELTA, TOP, GUNKUL, BBL, STA, PTT, AI, OR and AEONTS.

Other Asian indices were on the rise:

Japan’s Nikkei Index closed at 29,854.00, up 465.13 points or 1.58 per cent.

China’s Shang Hai SE Composite Index closed at 3,484.39, up 18.06 points or 0.52 per cent, while the Shenzhen SE Component Index closed at 14,122.61, up 142.92 points or 1.02 per cent.

South Korea’s KOSPI closed at 3,112.80+25.40, up 0.82 per cent.

Hong Kong’s Hang Seng Index was closed for Good Friday, while Taiwan’s TAIEX Index was closed for the Qingming festival.

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https://www.nationthailand.com/business/30404454

SEC rolls out free training for Thai crypto traders, investors

EconApr 02. 2021

By The Nation

The Securities and Exchange Commission (SEC) committee on Friday agreed to establish new regulations covering cryptocurrency trading, including a free training course.

SEC secretary-general Ruenvadee Suwanmongkol said that under the new regulations, cryptocurrency traders must have previous experience or training to prove their knowledge of cryptocurrency. This would help protect investors against trading risks, she said.

The SEC will launch a weekly “Crypto 101” training course via the Start-to-Invest Facebook Live platform next Thursday (April 8).

“SEC will improve regulations in line with the committee’s resolution as soon as possible,” the commission said.

The move comes after a proposal to impose a Bt1-million annual income requirement on cryptocurrency investors drew criticism from people who said it would exclude low- and middle-income earners from the crypto market. The SEC walked back on the proposal and on Friday announced new training and regulations instead.

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https://www.nationthailand.com/business/30404439

SET rides on US $2.26-trillion stimulus plan, move to hike oil production

EconApr 02. 2021

By The Nation

The Stock Exchange of Thailand (SET) Index rose by 7.34 points, or 0.46 per cent, to 1,602.46 in the morning session on Friday.

A Krungsri Securities analyst expected the day’s index to rise to between 1,600 and 1,610 on the back of the US$2.26-trillion 10-year economic stimulus plan, the rising oil price after Opec+ agreed to increase oil production gradually, and falling US bond yield.

He recommended that investors buy:

▪︎ EA, GPSC and BBP, which benefit from the Thai government’s move to promote electric cars.

▪︎ AOT, MINT, CENTEL, AAV, BA, CPN, CRC, MAJOR, BDMS and BH, which benefit from Thailand’s Covid-19 vaccination and the government’s move to gradually reopen the country to foreign tourists.

▪︎ HANA, KCE, TU and CPF, which benefit from the weakening baht.

The SET Index closed at 1,595.12 on Thursday, up 7.91 points or 0.50 per cent, boosted by Biden’s stimulus plan.

However, the index failed to surpass 1,600 points as investors sold some of their shares to take profit and monitor the outcome of the Opec+ meeting.

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https://www.nationthailand.com/business/30404432

Gold rises as US bond yield falls and dollar weakens

EconApr 02. 2021

By The Nation

The price of gold rose by Bt100 per baht weight in morning trade on Friday, the Gold Traders Association reported.

As of 9.25am, the buying price of a gold bar was Bt25,450 per baht weight and selling price Bt25,550, while gold ornaments were priced at Bt24,998.84 and Bt26,050, respectively.

At close on Thursday, the buying price of a gold bar was Bt25,350 per baht weight and selling price Bt25,450, while gold ornaments were Bt24,892.72 and Bt25,950, respectively.

Spot gold price rose to US$1,730 (Bt52,784) per ounce on Friday after rising by $12.8 to $1,728.4 on Thursday, thanks to falling US bond yield and the weakening dollar.

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https://www.nationthailand.com/business/30404419

S&P 500 surges past record 4,000 on growth outlook

EconApr 02. 2021

By Syndication Washington Post, Bloomberg · Olivia Raimonde, Kamaron Leach–

U.S. stocks climbed to a record high on the first day of the second quarter as increased stimulus in the world’s largest economy fueled optimism about the global recovery.

The benchmark S&P 500 Index closed above 4,000 for the first time as investors weighed President Joe Biden’s newly unveiled $2.25 trillion spending plan ahead of Friday’s U.S. employment report, which is expected to show the quickest pace of hiring in five months. Technology shares led the gains, though value stocks also joined in on the rally. Treasuries rebounded after the worst quarter in decades. Oil climbed after the OPEC+ alliance agreed to increase production gradually over the next three months.

“The S&P 500 hitting a high point is a sign of the positive environment in this highly volatile time,” said Greg Bassuk, chief executive officer at AXS Investments LLC.

Traders are jockeying for position before the Easter weekend after data showed U.S. private employers hired the most workers in six months, while initial jobless claims unexpectedly increased. Biden’s ambitious plan to rebuild U.S. infrastructure has added to the growth outlook, even though Republican opposition to the plan raises questions about how much can actually be delivered.

Microsoft Corp. climbed for a second day as the company’s multibillion-dollar deal to build customized versions of its HoloLens goggles for the U.S. Army moved forward. Western Digital Corp. and Micron Technology Inc. rallied after a report the two companies are individually exploring a potential deal for Japan’s Kioxia Holdings Corp.

Investors remain focused on inflation risk as central banks reassert their commitment to low interest rates. Traders for now are looking past worsening virus trends, such as lockdowns in France and Canada’s Ontario province.

“Before you worry about inflation, there’s reflation and I think that’s the main theme in the market,” said Ed Campbell, portfolio manager and managing director at QMA.

These are some of the main moves in financial markets:

Stocks

The S&P 500 Index increased 1.2% to 4,019.82 as of 4:02 p.m. EDT, the highest on record.

The Dow Jones industrial average rose 0.5% to 33,154.07.

The Nasdaq Composite Index jumped 1.8% to 13,480.11, the highest in more than two weeks on the largest jump in three weeks.

The Nasdaq 100 Index surged 1.8% to 13,329.52, the highest in almost six weeks on the biggest jump in three weeks.

The Stoxx Europe 600 Index climbed 0.6% to 432.22, the highest in more than 13 months.

Currencies

The Bloomberg Dollar Spot Index sank 0.3% to 1,148.81, the biggest dip in more than two weeks.

The euro jumped 0.4% to $1.1775, the largest climb in more than two weeks.

The British pound increased 0.4% to $1.3833, the strongest in more than a week.

The Japanese yen strengthened 0.1% to 110.60 per dollar, the first advance in more than a week.

Bonds

The yield on two-year Treasury climbed less than one basis point to 0.16%, reaching the highest in more than three weeks on its fifth straight advance.

The yield on 10-year Treasurys fell six basis points to 1.68%, the largest drop in more than a week.

The yield on 30-year Treasurys sank seven basis points to 2.34%, the lowest in more than a week on the biggest tumble in more than three weeks.

Germany’s 10-year yield sank four basis points to -0.33%, the largest tumble in a month.

Britain’s 10-year yield fell five basis points to 0.795%, the first retreat in a week and the biggest drop in more than a week.

Commodities

West Texas Intermediate crude climbed 3.5% to $61.26 a barrel.

Gold strengthened 1.2% to $1,728.72 an ounce.

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https://www.nationthailand.com/business/30404417

OPEC+ to ease oil output cuts in cautious bet on recovery

EconApr 02. 2021

By Syndication Washington Post, Bloomberg · Salma El Wardany, Javier Blas, Dina Khrennikova, Grant Smith

OPEC+ agreed to increase oil production gradually in the coming months, making a cautious bet on a summer economic rebound as the world recovers from covid-19.

Defying market expectations for the second time in less than a month, the group agreed to add more than 2 million barrels a day to global oil supplies from May to July. That will return about a quarter of the crude they are still withholding after making deep cuts a year ago in response to the pandemic.

With oil prices firmly above $60 a barrel, the Organization of Petroleum Exporting Countries and its allies have been under pressure to provide more fuel to an accelerating global economy. Other commodity costs have also been soaring, leaving central banks from the U.S. to China grappling with the potential of higher inflation just as their governments are pouring trillions of dollars into fiscal stimulus.

At the start of the week, the cartel had been widely expected to roll over their existing curbs, just as it did in March. Yet Saudi Arabia and its allies showed that they have become more convinced that oil demand is now on a firmer footing as countries like the U.S. rapidly expand their vaccination programs.

“Even in those sectors that were badly hit such as airline travel, there are signs of meaningful improvement,” Saudi Energy Minister Prince Abdulaziz bin Salman said at the opening session of the OPEC+ videoconference on Thursday.

“OPEC+ agreed today to cautiously increase production quotas,” Ann-Louise Hittle, Wood Mackenzie Ltd.’s vice president of macro oils, said in a note. “The agreement is supportive of oil prices, yet should also help avoid a sharp spike upward as oil demand picks up.”

The 23-nation coalition led by Saudi Arabia and Russia will boost output by 350,000 barrels a day in May, add the same volume again in June and increase by 450,000 barrels a day in July, Prince Abdulaziz told reporters after the meeting. On top of that, Saudi Arabia will roll back its voluntary extra 1 million barrel-a day cut, adding 250,000 barrels a day in May, 350,000 in June and 400,000 in July, he said.

Consumers including the U.S. and India have been calling on OPEC+ to keep prices under control, fearful that more expensive oil could add to inflationary pressures worldwide. Although European oil consumption is weak as France, Germany and Italy extend or impose new lockdowns due to rising covid-19 cases, fuel use is growing fast in America, and demand indicators from China are strong.

U.S. Energy Secretary Jennifer Granholm called her Saudi counterpart on the eve of the OPEC+ meeting to highlight the importance of affordable energy. Prince Abdulaziz told reporters that they didn’t discuss the oil market.

The Saudi minister said OPEC+ was now largely “testing” the market, and has the opportunity to reverse course if necessary at its next meeting on April 28.

“We need to keep our finger on the market pulse and not allow an overheating or a significant deficit,” Russian Deputy Prime Minister Alexander Novak, whose country has been steadily increasing production this year, said at the opening session of the meeting.