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https://www.nationthailand.com/business/30403189

S&P 500 has best day since June

EconMar 02. 2021

By Syndication Washington Post, Bloomberg · Rita Nazareth, Vildana Hajric

Stocks climbed as confidence returned to markets, with investors shaking off concern about the impacts of higher Treasury yields.

In a broad-based rally, the S&P 500 notched its biggest advance in almost nine months, the Nasdaq Composite jumped 3% while the Russell 2000 of small caps outperformed. GameStop Corp. added to last week’s surge of over 150%, with retail investors promoting the stock on social-media platforms such as Reddit and StockTwits.

Longer-dated Treasurys resumed their sell-off even as intermediate maturities found support, with traders priming themselves for how Federal Reserve officials slated to speak this week might respond to the recent tumult. Investors piled back into risk assets as stocks rebounded following a rout that was triggered by concern that massive stimulus as well as progress in battling the coronavirus have left some areas of the economy at risk of possibly overheating. The S&P 500 extended a rally from its March 2020 lows to about 75%.

“Equity investors are still looking at the rise in rates mostly as ‘a good thing’ and not yet as a threat, notwithstanding some shaking of the tree in high multiple stocks and other parts of the market last week,” wrote Peter Boockvar, chief investment officer at Bleakley Advisory Group. “The benefits of the vaccines versus the challenge of higher rates will be the theme this year.”

Bitcoin rallied after a volatile weekend session, riding a broad resurgence in risk assets and a bullish report from Citigroup Inc. The bank’s strategists laid out a case for the digital asset to play a bigger role in the global financial system, saying the cryptocurrency could become “the currency of choice for international trade” in the years ahead.

These are some of the main moves in markets:

Stocks

– The S&P 500 Index surged 2.4% as of 4 p.m. EST.

– The Stoxx Europe 600 Index climbed 1.8%.

– The MSCI Asia Pacific Index advanced 1.8%.

– The MSCI Emerging Market Index rose 1.7%.

Currencies

– The Bloomberg Dollar Spot Index dipped 0.1%.

– The euro declined 0.2% to $1.2045.

– The Japanese yen depreciated 0.2% to 106.81 per dollar.

Bonds

– The yield on 10-year Treasurys climbed three basis points to 1.44%.

– Germany’s 10-year yield sank seven basis points to -0.33%.

– Britain’s 10-year yield declined six basis points to 0.759%.

Commodities

– West Texas Intermediate crude declined 1.8% to $60.38 a barrel.

– Gold fell 0.6% to $1,723.83 an ounce.

– Silver slipped 0.7% to $26.48 per ounce.

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https://www.nationthailand.com/business/30403181

SET rebounds to pass 1,500 pts

EconMar 01. 2021

By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,500.92 on Monday, up 4.14 points or 0.28 per cent. The volume of total transactions was Bt84.56 billion with an index high of 1,505.61 and a low of 1,487.99.

In the morning session, a Krungsri Securities analyst expected the SET to fall to between 1,455 and 1,475 points due to uncertainty over rising US Treasury bond yields and the falling oil price, together with the outflow of foreign funds due to the weakening baht.

However, the index would rebound after the approval of US economic relief worth US$1.9 trillion, he said.

The 10 stocks with the highest trade value today were STA, OR, STGT, KBANK, CPALL, PTT, SAWAD, AOT, ICHI and PTTEP.

Other Asian indices rose on Monday:

Japan’s Nikkei Index closed at 29,663.50, up 697.49 points or 2.41 per cent.

China’s Shang Hai SE Composite Index closed at 3,551.40, up 42.32 points or 1.21 per cent, while Shenzhen SE Component Index closed at 14,857.34, up 349.90 points or 2.41 per cent.

Hong Kong’s Hang Seng Index closed at 29,452.57, up 472.36 points or 1.63 per cent.

South Korea’s KOSPI Index was closed for Independence Day, while Taiwan’s TAIEX Index was closed for Peace Memorial Day.

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https://www.nationthailand.com/business/30403166

US Treasury yields, funds outflows push SET down

EconMar 01. 2021

By The Nation

The Stock Exchange of Thailand (SET) Index fell by 8.08 points, or 0.54 per cent, to 1,488.70 in the morning session on Monday.

A Krungsri Securities analyst expected the SET to fall between 1,455 and 1,475 points due to uncertainty over rising US Treasury yields and falling oil price, together with the outflow of foreign fund due to the weakening baht.

However, the index would rebound from the approval of the US economic relief package worth US$1.9 trillion, he said.

He recommended that investors buy:

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

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

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

The SET Index closed at 1,496.78 on Thursday, up 5.67 points or 0.38 per cent. Total transactions amounted to Bt124.12 billion with an index high of 1,511.30 and a low of 1,494.36.

The index was closed on Friday for Makha Bucha Day.

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https://www.nationthailand.com/business/30403162

Gold price rises by Bt100

EconMar 01. 2021

By The Nation

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

As of 9.27am, the buying price of a gold bar was Bt25,100 per baht weight and selling price Bt25,200 while gold ornaments cost Bt24,650.16 and Bt25,700, respectively. 

On Saturday’s close, the buying price of a gold bar was Bt25,000 per baht weight and selling price Bt25,100 while gold ornaments cost Bt24,544.04 and Bt25,600, respectively. 

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https://www.nationthailand.com/business/30403134

New power plants a priority to cope with demands of EEC in coming decade

EconFeb 28. 2021

By The Nation

The Ministry of Energy is seeking acceleration of new power projects to cope with the expected sharp spike in electricity demand with the promotion of the Eastern Economic Corridor (EEC).

The ministry officials met with the EEC Policy Committee and the National Energy Reform Committee on February 23, to plan for energy readiness in the EEC, pushing for the fourth phase of petroleum investment projects

Pornchai Rujiprapa, chairman of the National Energy Reform Committee, revealed that although Covid-19 would slow down Thai industry and investment, the latest electricity usage statistics showed that the Thai economy had recovered. In the industrial sector, electricity usage had risen to the same level as before the Covid-19 pandemic, except the hotel sector which needed more time to recover.

The private sector’s EEC investment plan would return to normal and there was a need to accelerate energy planning to accommodate future expansion, he said.

The demand for electricity is expected to increase by over 4,000 megawatts in the next 10 years if large infrastructure, such as high-speed trains linking three airports, the development of U-Tapao Airport and the Eastern Aviation City, Map Ta Phut Port Phase 3 and Laem Chabang Port Phase 3 including the Eastern Economic Corridor Innovation Zone, the Digital Industry Promotion and Innovation Zone, and several new smart cities are completed.

There are also old factories that will expand investment and factories which will set up production bases in the EEC.

A cumulative evaluation of investment promotion applications from the Office of the Board of Investment with an investment value of Bt300 billion in the EEC shows that electricity demand will increase by 20,000-30,000 megawatts. In addition, the government has set targets for 2030 when 30 per cent of car production would be electric vehicles, pushing up by hundreds of megawatts the demand for electricity for EVs.

The target industries for the EEC are all high-tech industries including the charging of electricity for EVs, which require high-efficiency electricity. Clusters of electricity or power outages could damage factories and high-tech industries. Stability and quality of power are the priorities for investors, the ministry said.

Setting up a new power plant would take at least five years of planning, design and construction, while building a dam to generate electricity would take 7-8 years. Around 30 per cent of Thailand’s current reserve power is sufficient to support the expansion of the Thai economy until 2026-2027, when electricity reserves would fall to 15-16 per cent, which is a very high risk for electricity stability and quality, the ministry said. Therefore, planning and finalisation must be accelerated and completed by 2021 in order to build new power plants in time.

“In the next four to five years, old power plants will need to be removed from the 4,000-5,000 megawatt system, with the expanding economy increasing demand for electricity. Therefore, all parties have to accelerate the planning of sufficient power generation capacity, so as to not affect investor confidence,” said Pornchai.

Energy plans in the EEC offer renewable energy markets. Many factories may want to use electricity from renewable sources, such as wind, solar and water, to protect the environment, he said.

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https://www.nationthailand.com/business/30403070

Tech leads U.S. stock rout as bond yields soar

EconFeb 26. 2021

By Syndication Washington Post, Bloomberg · Claire Ballentine, Vildana Hajric

Tech shares led a rout in U.S. stocks while the sell-off in global bonds deepened, with the benchmark Treasury yield spiking to a one-year high and debt from the U.K. to Australia coming under pressure.

The Nasdaq 100 tumbled 3.6%, the most since October, as investors rotated away from pandemic-era winners toward companies poised to benefit from an end to lockdowns. About 10 stocks fell for every one that gained on the S&P 500. Cathie Wood’s ARK Innovation ETF extended its decline, leaving it 15% lower for the week. Stocks popular with the day-trader crowd surged once again, with GameStop Corp. doubling at one point before ending 19% higher.

Ten-year Treasury yields spiked after tepid demand at an auction for government bonds, surging as much as 23 basis points to 1.6%, the highest since last February. The increase forced a crucial group of investors such as holders of mortgage securities to sell Treasuries, which in turn led to further increases in yields.

Across markets, investors are betting on a sunnier outlook for the global economy, with U.S. jobless claims data the latest to support that idea. But some traders worry that resurgent growth is already priced into stocks, and they’re staring down the risk that accelerating inflation is just around the corner, a development that would dent the appeal of equities.

“It’s all about interest rates,” said Randy Frederick, vice president of trading and derivatives for Schwab Center for Financial Research. Tech “has been a relative outperformer. As it led on the way up, it will likely lead on the way down too.”

In remarks this week, Federal Reserve Chairman Jerome Powell offered reassurance that policy would continue to be supportive and look beyond a temporary pickup in inflation, especially from a low base.

That’s given the bond market enough reason to keep driving yields higher. The 10-year U.S. yield adjusted for inflation rose to its highest level since June, a warning sign for riskier assets that have benefited from exceptionally loose financial conditions amid the pandemic.

Elsewhere in markets, Asian bourses closed broadly higher. Bitcoin traded just below $50,000.

These are some of the main moves in markets:

Stocks

– The S&P 500 Index fell 2.5% as of 4 p.m.EST.

– The Stoxx Europe 600 Index fell 0.4%.

– The MSCI Asia Pacific Index surged 0.8%.

– The MSCI Emerging Market Index added 0.2%.

Currencies

– The Bloomberg Dollar Spot Index rose 0.6%.

– The euro climbed 0.1% to $1.2173.

– The British pound fell 0.8% to $1.4024.

– The Japanese yen weakened 0.3% to 106.22 per dollar.

Bonds

– The yield on 10-year Treasurys increased 15 basis points to 1.52%.

– Germany’s 10-year yield jumped seven basis points to -0.23%.

– Britain’s 10-year yield increased five basis points to 0.78%.

Commodities

– West Texas Intermediate crude rose 0.4% to $63.45 a barrel.

– Gold weakened 1.8% to $1,773.03 an ounce.

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https://www.nationthailand.com/business/30403068

Thai exports see highest jump in 29 months

EconFeb 26. 2021

By The Nation

Thailand’s manufacturing production index (MPI) in January rose to 101.82, driving the highest export growth in 29 months, the Industry Ministry reported on Thursday.

Exports of goods (minus gold) in January grew 8.22 per cent, expanding for the second consecutive month.

Factory utilisation also increased to 66.41 per cent, boosting hopes of a manufacturing recovery following Covid-19 prevention measures and the arrival of Thailand’s first vaccine shipment on Wednesday.   

The January MPI represented a 2.80 per cent fall from the same period last year, but this was less than the 4.4 per cent contraction predicted by analysts in a Reuters poll. 

The speed of recovery in Thai manufacturing would depend on Covid-19 vaccination rollout here and abroad, domestic infections, government stimulus measures, and tourist numbers this year, said the ministry. 

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https://www.nationthailand.com/business/30403067

China, UAE join Thailand and HK in central bank digital currency project

EconFeb 26. 2021

By The Nation

China and the United Arab Emirates have joined the Bank of Thailand (BOT)’s joint central bank digital currency (CBDC) project. Named Project Inthanon-LionRock, the cross-border digital transaction scheme is a joint project with the Hong Kong Monetary Authority (HKMA).

On Tuesday, the People’s Bank of China and the Central Bank of the United Arab Emirates announced they had joined the project, which has now been renamed the Multiple CBDC Bridge (m-CBDC Bridge). 

The m-CBDC Bridge project will use distributed ledger technology (DLT) to develop a prototype for real-time cross-border foreign exchange transactions on a 24/7 basis, said its four central-bank members. It will also encourage more central banks in Asia and other regions to jointly study the potential of DLT in enhancing the financial infrastructure for cross-border payments. The aim is to alleviate pain points in cross-border fund transfers, such as inefficiencies, high cost and complex regulatory compliance. 

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https://www.nationthailand.com/business/30403059

TRIS warns of sluggish recovery after Thai restrictions lifted in March

EconFeb 26. 2021

By The Nation

TRIS Rating expects the Thai economy to grow 2.6 per cent this year, rebounding from a 6.1 per cent contraction in 2020 – its worst performance since shrinking 7.6 per cent in 1998.

This year’s projection is based on the assumption that Covid-19 restrictions will be eased in March to allow full resumption of economic activities, said the Thai ratings agency.

“On that basis, we project the Thai economy to expand from the second quarter of 2021 onward, supported by the government’s economic relief measures and improving consumer and business sentiments as the rollouts of vaccinations are progressing worldwide,” said TRIS.

It also expects Thailand to welcome three to four million foreign tourists this year as quarantine requirements are relaxed towards the end of 2021.

However, TRIS warns that private consumption and private investment are seeing a lacklustre recovery, shadowed by the resurgence of Covid-19 and its impact on unemployment, household debt, and business liquidity. It projects private consumption and private investment will grow by 1.5 per cent and 3.7 per cent, respectively, in 2021.

Meanwhile, it forecasts public consumption and public investment will expand by 5 per cent and 8 per cent, respectively, this year.

External demands are also facing sluggish recovery with high uncertainty over the revival of tourism, it added.

It expects exports and imports to grow slightly by 0.7 per cent and 0.3 per cent, respectively, in 2021. The worldwide shortage of shipping containers should be resolved by the first half of 2021, said TRIS.

However, it expects the appreciation of the baht will likely continue to hinder the recovery of the export sector.

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https://www.nationthailand.com/business/30403065

SET nudges up but fails to break 1,500

EconFeb 25. 2021

By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,496.78 on Thursday, up 5.67 points or 0.38 per cent. Total transactions amounted to Bt124.12 billion with an index high of 1,511.30 and a low of 1,494.36.

In the morning session, a Krungsri Securities analyst expected the day’s index to rise to between 1,500 and 1,510 points after the US Federal Reserve signalled it would maintain its low interest rate, and the price of oil rose following a decline in US oil production.

“However, the index will face volatility due to the MSCI’s move to reduce its Thai stocks weighting by 0.01 per cent, and mass sell-offs to cut risks during the Makha Bucha holiday [Friday, Feb 26],” he said.

The 10 stocks with the highest trade value today were OR, STA, KBANK, PTT, CPALL, CPF, AOT, RCL, GULF and NER.

As of 4.30pm, the price of oil rose by US$0.43 or 0.68 per cent to $63.65 per barrel, while gold dropped by $7.80 or 0.43 per cent to $1,790.10 per ounce.

Other Asian indices were mixed:

Japan’s Nikkei Index closed at 30,168.27, up 496.57 points or 1.67 per cent.

China’s Shang Hai SE Composite Index closed at 3,585.05, up 20.97 points or 0.59 per cent, while Shenzhen SE Component Index closed at 14,828.80, down 41.86 points or 0.28 per cent.

Hong Kong’s Hang Seng Index closed at 30,074.17, up 355.93 points or 1.20 per cent.

South Korea’s KOSPI Index closed at 3,099.69, up 104.71 points or 3.50 per cent.

Taiwan’s TAIEX Index closed at 16,452.18, up 239.65 points or 1.48 per cent.