The price of gold dropped by Bt100 per baht weight in morning trade today (September 16), the Gold Traders Association reported.
As of 9.30am, the buying price of a gold bar was Bt28,800 per baht weight and selling price Bt28,900, while gold ornaments cost Bt28,288.56 and Bt29,400, respectively.
At close yesterday, the buying price of a gold bar was Bt28,900 per baht weight and selling price Bt29,000, while gold ornaments cost Bt28,379.52 and Bt29,500, respectively.
The spot gold price moved to US$1,958 (Bt61,055) per ounce this morning after the price rose by $2.50 to $1,966.20 per ounce at yesterday’s close.
Investors are keenly following the US Federal Reserve meeting, expecting the central bank to continue easing its monetary policy.
The Stock Exchange of Thailand (SET) Index fell by 1.43 points, or 0.11 per cent, to 1,284.75 in the morning session today (September 16).
An analyst at Krungsri Securities expected the index to fluctuate between 1,275 and 1,295 points.
“Although the market gained positive sentiment after the Cabinet approved long-stay visas for foreigners visiting Thailand and a rising oil price, we expect investors to sell stocks to reduce risks following results of a US Federal Open Market Committee meeting [on Thursday] and the [September 19] political rally by students,” the analyst said.
He recommended that investors buy:
> Stocks whose third-quarter performance will improve, such as TU, Asian, Com7, CHG, PTG and PlanB.
> Stocks that benefit from the rising oil price, such as PTTEP, Top and PTTGC.
The SET Index closed at 1,286.18 yesterday, up 13.84 points, or 1.09 per cent. The volume of total transactions was Bt43.86 billion, with an index high of 1,287.04 points and a low of 1,274.62.
By Syndication Washington Post, Bloomberg · Claire Ballentine, Vildana Hajric · BUSINESS
U.S. stocks closed higher as gains in technology shares helped offset a late slide in financials. Crude oil pushed higher, while the dollar was little changed.
The S&P 500 rose for a third consecutive trading session, led by communication services, real estate and consumer discretionary shares. JPMorgan Chase & Co., Citigroup Inc. and Bank of America Corp. pushed financials into the red.
“The market’s trying to figure out what to do next, and in those times you always see volatility,” said Jerry Braakman, chief investment officer of First American Trust in Santa Ana, California, which has around $2 billion in assets under management. “We’ve been trying to figure out if this tech run is here to stay.”
In Europe, Hennes & Mauritz AB led a rally among fashion retailers after beating profit estimates. Investors in Germany unexpectedly raised their expectations for the country’s economy. The offshore yuan climbed to the highest level in a year and stocks in Shanghai advanced on evidence that China is accelerating out of the virus slump.
Investors are awaiting the Federal Reserve’s policy meeting Wednesday to gauge the outlook for markets following a slide of about 2% in global stocks this month. The Fed is expected to maintain its dovish stance after earlier saying it will shift to a more relaxed approach on inflation. Central bank largesse is shoring up sentiment in the face of risks from the pandemic, the U.S. presidential election and the possibility of a no-deal Brexit.
These are the main moves in markets:
Stocks
The S&P 500 Index increased 0.5% to 3,401.13 as of 4:02 p.m. EDT, the highest in more than a week.
The Dow Jones industrial average was little changed at 27,994.42, the highest in more than a week.
The Nasdaq Composite Index rose 1.2% to 11,190.32, the highest in more than a week.
The Stoxx Europe 600 Index gained 0.7% to 370.96, the highest in almost two weeks.
Currencies
The Bloomberg Dollar Spot Index was little changed at 1,165.42, the lowest in more than a week.
The euro dipped 0.2% to $1.1845, the first retreat in a week.
The Japanese yen appreciated 0.3% to 105.46 per dollar, the strongest in more than two weeks.
Bonds
The yield on 10-year Treasurys increased one basis point to 0.68%.
Germany’s 10-year yield climbed less than one basis point to -0.48%.
Britain’s 10-year yield gained two basis points to 0.217%.
Commodities
West Texas Intermediate crude rose 2.8% to $38.29 a barrel, the highest in more than a week.
By The Washington Post · David J. Lynch · NATIONAL, BUSINESS, US-GLOBAL-MARKETS President Donald Trump’s “America First” policy drew strong pushback on two fronts Tuesday, as the World Trade Organization sided with China in a legal challenge to U.S. tariffs and Canadian threats of retaliation led the United States to abandon plans for a fresh set of import taxes.
The pair of developments – coupled with the release earlier this month of data showing the trade deficit at its worst point in 12 years – reflected the incomplete state of the president’s promised globalization overhaul seven weeks before he faces voters.
A three-member WTO panel struck at the core of Trump’s trade war on China, ruling that the tariffs he imposed more than two years ago on $234 billion worth of Chinese goods ran afoul of U.S. commitments under global trading rules.
The ruling will have no immediate impact on U.S. customs officials’ ability to collect the levies from American importers, but it represents a diplomatic dent in the president’s trade offensive.
Several hours later, the administration said it was abandoning a tariff on aluminum from Canada that the president had imposed just last month, settling instead for making public its expectation that imports will decline. The move came hours before Chrystia Freeland, Canada’s deputy prime minister, who had vowed a “dollar for dollar” response, was expected to announce retaliatory tariffs on American products.
“Both actions reflect the iron law of trade retaliation. When the U.S. imposes import taxes on foreign goods, other countries will hit back,” said John Veroneau, a partner at Covington & Burling and a former U.S. trade negotiator in the administration of President George W. Bush.
That view has not always been accepted by senior Trump administration figures. In 2018, Peter Navarro, one of the president’s closest trade advisers, insisted that U.S. trading partners would not respond if the president made their products more expensive for American buyers.
“I don’t believe any country is going to retaliate for the simple reason that we are the most lucrative and biggest market in the world,” Navarro told Fox Business. “They know they’re cheating us, and all we’re doing is standing up for ourselves.”
The administration had argued before the WTO that its tariffs were needed to curb years of trade cheating by China. But in a 66-page report, the panel rejected that claim.
“The United States has not met its burden of demonstrating that the measures” are justified, the panel concluded.
Robert Lighthizer, the U.S. trade representative, issued a statement criticizing the decision, saying it showed that the WTO was unable to prevent Chinese policies from distorting global trade and harming the U.S. economy. The president imposed the tariffs on Chinese goods following an investigation by Lighthizer’s office that concluded China routinely engaged in unfair trade practices, including compelling foreign firms to transfer technology secrets and violating intellectual property safeguards.
“Although the panel did not dispute the extensive evidence submitted by the United States of intellectual property theft by China, its decision shows that the WTO provides no remedy for such misconduct. The United States must be allowed to defend itself against unfair trade practices, and the Trump Administration will not let China use the WTO to take advantage of American workers, businesses, farmers, and ranchers,” Lighthizer said.
In a separate announcement, Lighthizer said the administration was dropping a 10% tariff on Canadian aluminum, which took effect Aug. 16.
The U.S. move followed consultations with the Canadian government and came as Canadian officials were preparing to unveil retaliatory tariffs on U.S. goods. Lighthizer said the United States had scrapped its tariff plans based on “expectations” that Canadian shipments of the industrial metal would decline by 50% from levels during the first half of this year, and he released specific permissible monthly totals for imports in each of the next four months.
The United States reserves the right to reimpose the import levies if imports exceed 105% of those levels, though Lighthizer’s statement effectively postpones any resumption of the tariff fight until after the election.
Freeland bluntly described the U.S. decision as a “unilateral” one and reiterated that Canada would strike back against any future threats.
“This is not a negotiated deal between Canada and the United States,” she told reporters. “We have not agreed to anything. We have not negotiated an agreement with the United States on quotas.”
The United States first imposed tariffs on imports of steel and aluminum in 2018, citing the threat to national security from a reliance upon foreign suppliers. The president exempted Canada and Mexico from the levies the following year when a new North American trade pact was completed.
When Trump announced last month that he was reimposing the aluminum tariffs, citing an import surge, Canadian officials said they would retaliate against $3.6 billion in U.S. goods, including bicycles, washing machines and refrigerators.
The items were “explicitly targeted at products that were politically sensitive” and made in swing-state factories, according to Eric Miller, president of Rideau Potomac Strategy Group, a trade consultancy.
The on-again, off-again nature of the president’s tariffs has confounded American businesses, leaving many uncertain of their raw material costs from one month to the next. The Aluminum Association, an industry group, endorsed the decision to drop the tariffs, which it called “disruptive and unnecessary.”
The U.S. Chamber of Commerce, which often has been critical of the administration’s tariff diplomacy, also welcomed the move.
“What American manufacturers need now is certainty that these tariffs won’t make another reappearance. Setting aside these threats once and for all will allow American job creators to focus on economic recovery,” said Myron Brilliant, executive vice president of the U.S. Chamber.
In the case of the China tariffs,the WTO ruling could eventually authorize China to impose higher tariffs on a range of U.S. products. But the United States can effectively stall any further action by appealing Tuesday’s ruling. The administration has blocked for months the appointment of new members to the WTO’s appellate body, leaving the organization unable to fulfill its assigned role of adjudicating trade spats. The panel acknowledged its ruling comes amid “unprecedented global trade tensions.”
The Revenue Department is uncertain if it will meet the revenue collection target in 2021 fiscal year, director general Ekniti Nitithanprapas said.
He added that the existing target is based on the assumption that next year’s economic growth will be between 4 and 5 per cent.
However, he said, the department will have to wait for a new estimate from the Fiscal Policy Office due to a change in Thailand’s economic situation.
The outcome of total revenue collection for 2020 fiscal year, which ends this month, is pending the outcome of corporate tax submission in the first half of this year.
Revenue collection in August exceeded the target by Bt30 billion because the tax payment period had been extended from March to August, and not because the economy was improving.
The Stock Exchange of Thailand (SET) Index closed at 1,286.18 today (September 15), up 13.84 points or 1.09 per cent. The volume of total transactions was Bt43.868 billion with an index high of 1,287.04 and a low of 1,274.62.
During the morning session, an analyst at Krungsri Securities said he expected the index to fluctuate between 1,265 and 1,280 due to a lack of positive sentiment.
In addition, he said, investors were delaying their investment until the US Federal Open Market Committee holds a meeting today and tomorrow.
“We expect the Fed to maintain the interest rate at 0 to 0.25 per cent and reveal its inflation target,” he said.
Moreover, he added, the SET will face volatility from mass sell-offs in stocks to mitigate risks from student protesters’ rally on September 19.
The top 10 stocks with the highest trade value today were AOT, MINT, CPF, PTT, PTTEP, JMART, STGT, CBG, ASIAN and CPALL.
As of 4.30pm, the price of oil rose by US$0.35 or 0.94 per cent to $37.61 per barrel, while gold rose by $11.80 or 0.60 per cent, to $1,975.50 per ounce.
Other Asian indices were mixed:
Japan’s Nikkei Index closed at 23,454.89, down 104.41 points or 0.44 per cent.
China’s Shanghai SE Composite Index closed at 3,295.68, up 16.87 points or 0.51 per cent, while Shenzhen SE Component Index closed at 13,143.46, up 121.47 points or 0.93 per cent.
Hong Kong’s Hang Seng Index closed at 24,732.76, up 92.48 points or 0.38 per cent.
South Korea’s KOSPI Index closed at 2,443.58, up 15.67 points or 0.65 per cent.
Taiwan’s TAIEX Index closed at 12,845.65, up 57.83 points or 0.45 per cent.
The share price of COL and Central Retail Corporation (CRC) rose sharply during the morning session on Tuesday (September 15) after CRC announced it was acquiring COL and delisting it from the Stock Exchange of Thailand (SET) in a bid to expand its retail business.
The price of COL shares rallied 13.41 per cent, rising by Bt2.20 to Bt18.60, with transactions totalling Bt106 million. CRC, meanwhile, rose by Bt1.50 or 5.66 per cent to Bt28 per share.
PBHD, a CRC subsidiary, will purchase 640 million COL shares at Bt19 per share worth a total of Bt12.16 billion. The tender offer is expected to be completed within the first quarter of next year.
COL retails stationary, office products, books, entertainment media and lifestyle products under its retail banners Office Mate and B2S.
The Stock Exchange of Thailand (SET) Index rose by 3.84 points, or 0.30 per cent, to 1,276.18 in morning session on Tuesday.
An analyst at Krungsri Securities expected the index to fluctuate between 1,265 and 1,280 due to lack of positive sentiment.
In addition, investors would delay investment until the US Federal Open market Committee meeting on September 15-16.
“We expect the Fed to maintain the interest rate at 0-0.25 per cent and reveal inflation targeting,” he said.
Moreover, he said, the SET would face volatility from mass sell-offs in stocks to mitigate risks from student protesters’ political rally on September 19.
He recommended that investors buy:
▪︎Stocks whose third-quarter performance will improve, such as TU, Asian, Com7, CHG, PTG, and PlanB.
▪︎Stocks that will benefit from the launch of the new iPhone model on Tuesday, such as Com7, Synex, SPVI and CPW.
The SET Index closed at 1,272.34 on Monday (September 14), down 7.62 points or 0.60 per cent. Total transactions amounted to Bt40.463 billion with an index high of 1,287.35 and a low of 1,270.59.
The price of gold rose by Bt100 per baht weight in morning trade on Tuesday (September 15), the Gold Traders Association reported.
As of 9.24am, the buying price of a gold bar was Bt28,850 per baht weight and selling price Bt28,950 while gold ornaments were priced at Bt28,334.04 and Bt29,450, respectively.
At close on Monday (September 14), the buying price of a gold bar was Bt28,750 per baht weight and selling price Bt28,850, while gold ornaments were priced at Bt28,227.92 and Bt29,350, respectively.
Hong Kong gold price rose by HK$110, opening at $18,080 (Bt72,868.90) per tael on Tuesday morning, the Chinese Gold and Silver Exchange Society reported.
The Comex (Commodity Exchange) gold price to be delivered in December rose by US$15.8, or 0.81 per cent, closing at $1,963.7 (Bt61,350.77) per ounce on Monday.
Gold moved to positive territory on Monday from the decline in the dollar and US bond yield, while investors were waiting for Federal Open market Committee meeting on September 15-16.
By Syndication Washington Post, Bloomberg · Sarah Ponczek, Casey Wagner · BUSINESS U.S. stocks rose for a second day amid a flurry of deal activity and signs of progress toward a coronavirus vaccine. The dollar weakened and Treasurys were little changed.
Oracle Corp. jumped 4.3% on reports the company beat Microsoft Corp. in negotiations for the U.S. operations of TikTok. Immunomedics Inc. almost doubled after Gilead Sciences Inc. agreed to buy the cancer drugmaker for $21 billion.
The S&P 500 touched a week high before paring gains, while the Nasdaq 100 Index broke a two-day slide. Pfizer Inc. Chief Executive Officer Albert Bourla said it’s “likely” the U.S. will deploy a covid-19 vaccine to the public before year-end.
“I know that we’re in the middle of a pandemic, but the reality is that the current economic environment has typically been very good for M&A activity,” said Jim Paulsen, chief investment strategist at Leuthold Group.
Global stocks are coming off the back of the first consecutive weeks of declines since March and traders remain on edge given the recent reassessment of valuations and volatility in options markets. The Federal Reserve is expected this week to maintain its dovish stance on policy as investors look for signs the global economy is recovering from the pandemic. Strategists at Goldman Sachs Group Inc. and Deutsche Bank AG suggested the recent pullback in the U.S. is nearing an end.
“The path of least resistance is up,” said Kevin Caron, portfolio manager for Washington Crossing. “We still have a lot of monetary stimulus in the pipeline, there’s still a decent amount of momentum in the market, the underlying data in earnings seem to be reasonably positive.”
The pound strengthened against peers as Prime Minister Boris Johnson faced a rebellion in Parliament against legislation that would override key elements of the divorce treaty signed with the European Union.
In Asia, stocks rallied with South Korea leading gains. SoftBank Group Corp. shares climbed after Nvidia Corp. agreed to buy the firm’s chip division Arm Ltd. for $40 billion.
These are the main moves in markets:
Stocks
The S&P 500 Index gained 1.3% to 3,383.45 as of 4 p.m. EDT.
The Dow Jones industrial average increased 1.2% to 27,992.38, the highest in more than a week.
The Nasdaq Composite Index climbed 1.9% to 11,056.65.
The Nasdaq 100 Index advanced 1.7% to 11,277.76.
Currencies
The Bloomberg Dollar Spot Index declined 0.3% to 1,165.64, the lowest in more than a week.
The euro increased 0.2% to $1.1864, the strongest in almost two weeks.
The Japanese yen appreciated 0.4% to 105.70 per dollar, the strongest in more than two weeks on the largest gain in more than two weeks.
The British pound advanced 0.5% to $1.2855, the biggest gain in more than two weeks.
Bonds
The yield on 10-year Treasurys advanced one basis point to 0.67%.
The yield on 30-year Treasurys gained one basis point to 1.42%.
Germany’s 10-year yield increased less than one basis point to -0.48%.
Commodities
West Texas Intermediate crude declined 0.1% to $37.29 a barrel.
Gold strengthened 0.9% to $1,958.15 an ounce, the highest in almost two weeks on the largest gain in more than two weeks.
Copper advanced 0.9% to $3.07 a pound, the highest in more than two years.
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