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https://www.nationthailand.com/business/30403555

U.S. stocks rise as tech lags

EconMar 11. 2021

By Syndication Washington Post, Bloomberg · Andreea Papuc, Emily Barrett

U.S. equities advanced as the rotation into value stocks resumed following a weak inflation report. Treasury yields turned lower after a 10-year note auction. The dollar weakened.

The S&P 500 notched its best two-day advance since early February, led by financial firms and producers of raw materials. A lower-than-expected inflation reading eased concern that prices will spike higher if growth picks up as many economists now predict. Tech shares whose valuations look stretched in an era of higher yields slipped after Tuesday’s rebound from weeks of selling.

The yield on the 10-year Treasury note fell toward 1.50%, with bonds rising after a government auction. The dollar retreated. The threat of higher prices as the economy revs and the Biden administration signs a $1.9 trillion spending package drove the rotation from growth stocks that led all of 2020 and into companies with businesses more closely tied to the economic cycle.

The dollar weakened versus major peers, sending the euro and pound higher. The Stoxx Europe 600 Index advanced. Crude topped $64 a barrel in New York, while gold futures edged higher. Bitcoin briefly topped $57,000.

The rising trend in bond yields is consistent with economic growth expectations, said Lauren Goodwin, portfolio strategist at New York Life Investments. That backdrop still favors cyclicals over defensive assets and “supports equities over bonds, and a weaker U.S. dollar,” she said.

These are the main moves in markets:

Stocks

– The S&P 500 Index rose 0.6% as of 4 p.m. EST.

– The Nasdaq 100 fell 0.3%

– The Stoxx Europe 600 Index climbed 0.4%.

– The MSCI Asia Pacific Index gained 0.4%.

– The MSCI Emerging Market Index rose 0.8%.

Currencies

– The Bloomberg Dollar Spot Index slumped 0.3%.

– The euro was little rose 0.2% to $1.1925.

– The British pound added 0.3% to $1.3931.

– The onshore yuan was little changed at 6.508 per dollar.

– The Japanese yen rose 0.1% to 108.40 per dollar.

Bonds

– The yield on 10-year Treasurys fell one basis point to 1.52%.

– The yield on two-year Treasurys dropped one basis point to 0.15%.

– Germany’s 10-year yield declined one basis point to -0.31%.

– Britain’s 10-year yield fell one basis point to 0.714%.

– Japan’s 10-year yield climbed less than one basis point to 0.128%.

Commodities

– West Texas Intermediate crude gained 1.2% to $64.78 a barrel.

– Brent crude increased 1% to $68.22 a barrel.

– Gold futures rose 0.4% to $1,723.50 an ounce.

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https://www.nationthailand.com/business/30403545

SET up 1.45% as US poised to inject $1.9tn into economy

EconMar 10. 2021

By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,573.05 on Wednesday, up 22.46 points or 1.45 per cent. Total transactions amounted to Bt107.92 billion with an index high of 1,573.55 and a low of 1,550.45.

In the morning session, a Krungsri Securities analyst expected the day’s index to fluctuate between 1,540 and 1,560 points amid US progress to pass a $1.9-trillion relief package, plus a decline in the US bond yield.

He also predicted that a falling oil price and volatility in foreign fund inflows could pressure the index.

The 10 stocks with the highest trade value today were CPALL, OR, PTT, KBANK, AOT, SCGP, BBL, ADVANC, IVL and EA.

As of 4.30pm, the oil price rose by $0.21 or 0.33 per cent to $64.22 per barrel, while the gold price dropped by $4.50 or 0.26 per cent to $1,712.40.

Other Asian indices were mixed:

Japan’s Nikkei Index closed at 29,036.56, up 8.62 points or 0.03 per cent.

China’s Shang Hai SE Composite Index closed at 3,357.74, down 1.55 points or 0.046 per cent, while the Shenzhen SE Component Index closed at 13,563.34, up 87.62 points or 0.65 per cent.

Hong Kong’s Hang Seng Index closed at 28,907.52, up 134.29 points or 0.47 per cent.

South Korea’s KOSPI closed at 2,958.12, down 18.00 points or 0.60 per cent.

Taiwan’s TAIEX closed at 15,911.67, up 58.58 points or 0.37 per cent.

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https://www.nationthailand.com/business/30403539

Thai businesses matched with Zhejiang hardware suppliers in online fair

EconMar 10. 2021

By The Nation

The 2021 Zhejiang Export Online Fair, held in collaboration with the Machinery and Parts Association of Thailand, kicked off via the Zoom platform on Monday.

The fair, which wraps up on Friday, is expected to generate more than US$5 million (Bt153.85 million).

In November last year, China signed the Regional Comprehensive Economic Partnership (RCEP), the largest free-trade agreement in the world. This pact covers major countries in East Asia and will provide a strong impetus for growth not just in Asean, but also in the rest of the world.

Thailand, an emerging industrialised country, is the second-largest economy in Southeast Asia, second only to Indonesia. Its manufacturing and service industries are the two major contributors to the GDP, with the former accounting for nearly 40 per cent of the total. Thailand’s main imports are hardware products and parts, industrial and machinery products, auto parts, building materials, metal products, etc.

Since the establishment of the China-Asean FTA, tariffs on over 90 per cent of China’s trade with Asean have been reduced to zero. Currently, the total value of trade between the two sides is close to $13 trillion, accounting for nearly 60 per cent of Asia’s and 13 per cent of the world’s total trade volume.

This is the world’s largest FTA in terms of consumers and area covered and has been described as the “future third-largest economy in the world” after the European Union and the North American Free-Trade Area. The completion of the China-Asean FTA will offer immense opportunities and broad prospects for both Chinese and Asean business communities. Hence, entering the Thai market can bring benefits to more than 10 of its neighboring countries.

The exhibitors participating in this online exhibition offer a full range of hardware tools and accessories, etc. During the five-day online exhibition, based on offline matching before the exhibition, Zhejiang enterprises will conduct one-to-one precise trade negotiations with Thai buyers online.

This online fair is expected to have more than 200 rounds of trade negotiations and the intended turnover will exceed $5 million.

The fair was organised by the Zhejiang Department of Commerce.

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https://www.nationthailand.com/business/30403529

SET perks up, but falling oil price, volatility in foreign fund flows cast shadow

EconMar 10. 2021

By The Nation

The Stock Exchange of Thailand (SET) Index rose by 5.63 points or 0.36 per cent to 1,556.22 in the morning session on Wednesday.

The SET Index is expected to fluctuate between 1,540 and 1,560 points despite progress in the rollout of US$1.9 trillion in economic relief measures and the decline in the US bond yield, a Krungsri Securities analyst said.

He predicted that the falling oil price and volatility in foreign fund inflows could pressure the index.

He recommended investors buy:

▪︎ AOT, Mint, Centel, CPN, CRC and Major, which benefit from positive news of a Covid-19 vaccine in Thailand.

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

▪︎ CBG, ICHI, SAPPE, RBF, DOD, PTG, and TACC, which benefit from positive news on hemp production and its general use.

The SET Index closed at 1,550.59 on Tuesday, up 6.83 points or 0.44 per cent. Total transactions amounted to Bt99.22 billion with an index high of 1,554.96 points and a low of 1,537.23.

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https://www.nationthailand.com/business/30403527

Gold price jumps after sharp fall in previous days

EconMar 10. 2021

By The Nation

The price of gold rose by Bt150 per baht weight in morning trade on Wednesday, the Gold Traders Association reported.

As of 9.27am, the buying price of a gold bar was Bt24,850 per baht weight and selling price Bt24,950 while gold ornaments cost Bt24,407.60 and Bt25,450, respectively.

At close on Tuesday, the buying price of a gold bar was Bt24,700 per baht weight and selling price Bt24,800 while gold ornaments cost Bt24,256 and Bt25,300, respectively.

The spot gold price moved to US$1,713 (Bt52,694) per ounce after rising by $38.90 to $1,716.90 on Tuesday, thanks to the weakening dollar, the decline in the US bond yield and mass buy-ups of the precious metal after its price dropped sharply in previous days.

The Hong Kong gold price rose by HK$160 to $15,880 (Bt62,933) per tael, the Chinese Gold and Silver Exchange Society reported.

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https://www.nationthailand.com/business/30403517

Nasdaq jumps most since April in risk-on revival

EconMar 10. 2021

By Syndication Washington Post, Bloomberg · Vildana Hajric

Investors poured back into the market’s riskiest assets Tuesday as dip-buyers powered the Nasdaq 100 to its biggest rally since November and sent Bitcoin back toward a record. Treasuries added to gains after a note auction.

Stay-at-home winners surged after being left for dead as vaccinations pick up and Democrats move to inject $1.9 trillion into the economy. Treasury yields pulled back from recent highs sparked by worries a potential overshoot in the economy will bring inflation. For a day, at least, the rotation from growth shares to value reversed violently. Here are some of the major moves:

– Tesla Inc. jumped almost 20% in its best day in a year.

– Peloton Interactive Inc., DocuSign Inc. and Pinduoduo Inc. rallied more than 11%.

– Financial firms and energy producers, recent winners, were the only two S&P 500 groups to retreat.

– Spot gold surged more than 2% after falling to lowest since April.

– The 10-year yield fell below 1.55%.

– Bitcoin jumped above $54,000.

– Oil and copper retreated after recent rallies.

The rising prospects for turbocharged economic growth have been reordering the market’s winners and losers for the past two months as the stimulus bill’s passage grew more likely and daily vaccinations surged. Tuesday, dip buyers targeted the areas recently abandoned as too expensive. The reversal is a theme that’s played out for years, every retreat gets bought, and it’s been extreme lately. The S&P 500 hasn’t had a pullback of 5% since November.

The drop in Treasury yields after the recent violent run-up has given some cover for risk takers to wade back into growth after abandoning the group because stretched valuations began to look scary with rates on the rise.

“Let’s not forget that less than a year ago traders interpreted one of the biggest negative macro events in market history as a buying opportunity, so there’s little reason to think otherwise given all the positive signals around us today,” said Chris Larkin, managing director of trading and investing product at E*Trade Financial. “Corrections create natural inflection points for traders. It’s no surprise to see the Nasdaq rise today, and the fundamentals support continued bullishness.”

The first of several Treasury sales in the coming days went off without disrupting markets. The sales will test appetite for the safest debt after last month’s poorly bid auctions sent shock waves throughout global markets and short bets climbed to a record. Benchmark 10-year yields breached the 1.6% level to trade at a one-year high last week.

Here are some of the main moves in markets.

Stocks

The S&P 500 Index advanced 1.4% as of 4 p.m. EST.

The Nasdaq 100 added 4%.

The Stoxx Europe 600 Index gained 0.8%.

The MSCI Asia Pacific Index increased 0.8%.

The MSCI Emerging Market Index rose 0.9%.

Currencies

The Bloomberg Dollar Spot Index sank 0.6%.

The euro gained 0.5% to $1.1902.

The British pound climbed 0.5% to $1.3897.

The Japanese yen rose 0.4% to 108.46 per dollar.

Bonds

The yield on 10-year Treasurys dipped five basis points to 1.54%.

Germany’s 10-year yield dipped three basis points to -0.30%.

Commodities

West Texas Intermediate crude dipped 1.6% to $64.02 a barrel.

Gold futures strengthened 2.2% to $1,715.30 an ounce.

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https://www.nationthailand.com/business/30403496

SET up almost 0.5% on mixed day for Asian stocks

EconMar 09. 2021

By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,550.59 on Tuesday, up 6.83 points or 0.44 per cent. Total transactions amounted to Bt99.22 billion with an index high of 1,554.96 and a low of 1,537.23.

In the morning session, a Krungsri Securities analyst expected the day’s index to fluctuate between 1,530 and 1,560 points despite US progress in the rollout of $1.9-trillion economic relief measures.

He said the index would come under pressure from the falling oil price and uncertainty over the rising US bond yield.

The 10 stocks with the highest trade value today were EA, SCGP, PTT, JKN, BDMS, SAWAD, KBANK, PTG, AOT and OR.

Other Asian indices were mixed:

Japan’s Nikkei Index closed at 29,027.94, up 284.69 points or 0.99 per cent.

China’s Shang Hai SE Composite Index closed at 3,359.29, down 62.12 points or 1.82 per cent, while the Shenzhen SE Component Index closed at 13,475.72, down 388.10 points or 2.80 per cent.

Hong Kong’s Hang Seng Index closed at 28,773.23, up 232.40 points or 0.81 per cent.

South Korea’s KOSPI closed at 2,976.12, down 19.99 points or 0.67 per cent.

Taiwan’s TAIEX Index closed at 15,853.09, up 32.98 points or 0.21 per cent.

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https://www.nationthailand.com/business/30403477

Falling oil price, rising US bond yield could pressure SET

EconMar 09. 2021

By The Nation

The Stock Exchange of Thailand (SET) Index rose by 2.33 points, or 0.15 per cent, to 1,546.09 in the morning session on Tuesday.

The SET Index is expected to fluctuate between 1,530 and 1,560 points despite progress in the rollout of US$1.9-trillion economic relief measures, said the Krungsri Securities analyst.

He said the index would be under pressure due to falling oil price and uncertainty over rising US bond yield.

He recommended that investors buy:

▪︎ AOT, MINT, CENTEL, CPN, CRC and MAJOR, which benefit from positive news of a Covid-19 vaccine in Thailand.

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

▪︎ CBG, ICHI, SAPPE, RBF, DOD, PTG, TACC and JKN, which benefit from positive news on hemp production and its general use.

The SET Index on Monday closed at 1,543.76, down 0.35 points or 0.02 per cent. The volume of total transactions was Bt108.47 billion with an index high of 1,562.56 and a low of 1,540.64.

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https://www.nationthailand.com/business/30403474

Gold slides after spot price hits lowest level in 11 years on Monday

EconMar 09. 2021

By The Nation

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

As of 9.29am, the buying price of a gold bar was Bt24,600 per baht weight and selling price Bt24,700, while gold ornaments were priced at Bt24,149.88 and Bt25,200, respectively.

At close on Monday, the buying price of a gold bar was Bt24,650 per baht weight and selling price Bt24,750, while gold ornaments were Bt24,210.52 and Bt25,250, respectively.

Spot gold moved to US$1,688 (Bt52,136) per ounce after falling by $20.5 to $1,678 on Monday, the lowest in 11 years, due to rising US bond yield and strengthening dollar after the US Senate passed President Joe Biden’s $1.9-trillion economic relief bill.

Hong Kong gold price dropped by HK$130 to $15,610 (Bt62,074) per tael, the Chinese Gold and Silver Exchange Society reported.

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https://www.nationthailand.com/business/30403461

Nasdaq 100 tumbles, ends 11% below Feb. 12 record

EconMar 09. 2021

By Syndication Washington Post, Bloomberg · Andreea Papuc, Lynn Thomasson

Tech shares tumbled anew, sending the Nasaq 100 Index down 11% from its all-time high, as investors fled high-valuation stocks for companies whose fortunes are closely tied to the economic cycle.

The benchmark for megacap tech dropped 2.9% and is now at the lowest since November. The S&P 500 ended lower after rising as much as 1% as tech shares in the gauge dropped 2.5%. Financial firms and materials producers kept losses from being worse. The Dow Jones industrial average hit an all-time high before settling for a 1% gain, buoyed by rallies in banks and Walt Disney Co. Tesla Inc. pushed its five-day rout past 20%. Blank-check companies backed by Chamath Palihapitiya tumbled.

The 10-year Treasury rate jumped toward 1.6%, while the dollar strengthened. Brent crude briefly traded near $70 a barrel before pulling back. Gold slumped and Bitcoin traded above $51,000.

Investors embraced the prospect for a surge in global economic growth as vaccine distribution improves and the U.S. heads toward passing a $1.9 trillion spending bill. The risks associated with rising Treasury yields remain an overhang amid fears that government aid programs could overheat economic growth.

“You will see a lot of volatility in markets,” Kim Stafford, Asia Pacific head at Pacific Investment Management Co., said on Bloomberg Television. “We believe that confidence is improving, especially with vaccines coming online, so we will see an uptick in growth globally. There are a lot of reasons to be confident in the market, but a lot of this is also priced in.”

There are also questions about whether equity valuations have become excessive, especially in speculative tech shares. The Nasdaq 100 Index has fallen about 8% since early February.

These are some of the main moves in markets:

Stocks

The S&P 500 Index fell 0.5% as of 4 p.m. EST.

The Nasdaq Composite Index fell 2.9%.

The Dow Jones industrial average climbed 1%.

The MSCI All-Country World Index fell 0.3%.

The Stoxx Europe 600 Index rose 2.1% to the highest in almost three weeks.

Currencies

The Bloomberg Dollar Spot Index rose 0.5% to 1,150.02, the highest in 16 weeks.

The euro declined 0.5% to $1.1850, the weakest in 15 weeks.

The Japanese yen depreciated 0.5% to 108.88 per dollar, the weakest in nine months.

The British pound dipped 0.1% to $1.3829, the weakest in more than three weeks.

Bonds

The yield on 10-year Treasurys rose three basis points to 1.59%.

Germany’s 10-year yield gained two basis points to -0.277%, the highest in more than a week.

Commodities

West Texas Intermediate crude declined 2.1% to $64.71 a barrel.

Gold futures depreciated 1.1% to $1,679.20 an ounce.