#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007197

U.S. equities rose on Thursday, bolstered by progress on U.S. debt-ceiling talks and easing concerns about Europes energy crunch.

The S&P 500 climbed as much as 1.5% before nearly halving gains on China’s plans to tighten its supervision over technology companies. The advance was led by the materials and consumer discretionary sectors, extending a three-day rally to 2.3%. The yield on the U.S. 10-year Treasury note climbed to 1.57%, the highest since June.

“We’ve had a 24-hour stretch where we’ve pulled back from a few of the key risk drivers that have been concerning markets,” said Giorgio Caputo, senior portfolio manager at J O Hambro Capital Management.

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Markets have been buffeted in the past month by worries about an energy crisis, elevated inflation, reduced stimulus and slower growth. However, the prospect of a short-term U.S. debt limit extension is easing concern over political bickering. Natural gas prices were also lower on Thursday after signals Russia may increase supplies to Europe.

“The volatility we’ve seen in the markets here this week – where we’re up one day, down the next – is really a reflection of the news cycles and the different news that we’ve been receiving,” Chris Gaffney, president of world markets at TIAA Bank, said by phone.

Up next, all eyes will be on Friday’s U.S. nonfarm payrolls, which may shed light on the the Federal Reserve’s timeline to cut bond purchases. There is growing optimism the report will show the kind of “decent” jobs growth Federal Reserve Chair Jerome Powell said he wants. U.S. initial jobless claims fell more than expected last week and ADP employment figures beat expectations for September.

“Both really reflect that the job market is strengthening and that people are getting back to work,” Gaffney said of the latest employment data. “That certainly bodes well for the markets going forward in that the more people that are working, the more spending can occur as people get back to work.”

Oil reversed losses after the U.S. Energy Department said it has no plans to tap oil reserves. The dollar was little changed. Gold fell.

Here are some events to watch this week:

– Reserve Bank of India monetary policy decision on Friday

– The U.S. Labor Department releases unemployment and job creation data Friday

Some of the main moves in markets:

– – –

– The S&P 500 rose 0.8% as of 4 p.m. New York time

– The Nasdaq 100 rose 0.9%

– The Dow Jones industrial average rose 1%

– The MSCI World index rose 1.1%

– – –

– The Bloomberg Dollar Spot index was little changed

– The euro was little changed at $1.1554

– The British pound rose 0.3% to $1.3617

– The Japanese yen fell 0.2% to 111.60 per dollar

– – –

– The yield on 10-year Treasuries advanced five basis points to 1.57%

– Germany’s 10-year yield was little changed at -0.19%

– Britain’s 10-year yield was little changed at 1.08%

– – –

– West Texas Intermediate crude rose 1.8% to $78.85 a barrel

– Gold futures fell 0.3% to $1,755.80 an ounce

Published : October 08, 2021

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007185

The Stock Exchange of Thailand (SET) Index closed at 1,633.72 on Thursday, up 14.24 points or 0.88 per cent. Transactions totalled 100.94 billion baht with an index high of 1,637.82 and a low of 1,624.59.

The index rose after falling by 0.29 per cent on Wednesday.

In the morning session, Krungsri Securities predicted the day’s index would fluctuate between 1,610 and 1,630 points despite positive news of the US would extend a debt limit until December.

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It added that the index also gained positive sentiment from hopes over the country reopening after domestic Covid-19 cases have declined.

However, the volatility in fund flow and falling oil price after the US oil storage had risen beyond expectation would pressure the index,” Krungsri Securities said.

Related stories:

• SET expected to fluctuate due to fund flow volatility, falling oil price
• Baht strengthens as investors eye Thai stocks
• Gold up in morning trade

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

Other Asian indices were on the rise:
Japan’s Nikkei Index closed at 27,678.21, up 149.34 points or 0.54 per cent.
Hong Kong’s Hang Seng Index closed at 24,701.73, up 735.24 points or 3.07 per cent.
South Korea’s KOSPI Index closed at 2,959.46, up 51.15 points or 1.76 per cent.
Taiwan’s TAIEX Index closed at 16,713.86, up 320.70 points or 1.96 per cent.

China’s Shanghai SE Composite and Shenzhen SE Component Indices were closed for National Day.

Published : October 07, 2021

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007168

The baht opened at 33.83 to the US dollar on Thursday, strengthen from Wednesday’s closing rate of 33.92.

The Thai currency is likely to move between 33.75 and 33.90 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

Poon said the baht would continue fluctuating against the greenback. Also, he said, the flow of foreign funds has slowed down because foreign investors are waiting for an improvement in the market before spending on Thai stocks.

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The baht will strengthen if the Asian market opens for more risk. The baht will not strengthen much because investors are waiting for the Nonfarm Payrolls (NFP) report.

The baht’s key support level would at 33.70, the level some importers are waiting for so they can buy dollars, he added.

Poon added that the currency market might fluctuate heavily at first but investors are open to more risks because the private-sector employment was better than expected. According to ADP, private-sector employment in September increased for 570,000 positions.

Related News

Baht faces further weakening

Baht remains unchanged despite investors’ inflation worries

Baht unchanged as market awaits NFP data

Moreover, the marker was supported by the US debt ceiling negotiation to raise the debt ceiling for two months. The US Congress must raise the debt ceiling before October 18 to avoid default.
 

Published : October 07, 2021

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007163

The price of gold rose by THB100 in morning trade on Thursday.

AGold Traders Association report at 9.25am said the buying price of a gold bar was THB28,100 per baht weight and selling price THB28,200, while the buying and selling price of gold ornaments is THB27,591.20 and THB28,700, respectively.

At close on Wednesday, the buying price of a gold bar was THB28,000 per baht weight and selling price THB28,100, while gold ornaments were THB27,500.24 and THB28,600, respectively.

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The spot gold price on Thursday morning hovered around US$1,761 (THB59,575) per ounce after Comex gold at close on Wednesday rose slightly by 90 cents to $1,761.8 per ounce due to a slowdown in the US bond yields, while the market is keeping an eye on the announcement of US non-farm payrolls on Friday.

Related news:

• SET expected to fluctuate due to fund flow volatility, falling oil price
• Fuel prices soar across Asia as global energy crunch deepens
• Stocks rebound on possible debt limit extension

The Hong Kong gold price, meanwhile, surged by HK$150 to $16,380 (THB71,197) per tael, the Chinese Gold and Silver Exchange Society reported.

Published : October 07, 2021

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007162

The Stock Exchange of Thailand (SET) Index rose by 8.30 points or 0.51 per cent to 1,627.78 on Thursday morning, witnessing a high of 1,628.66 and a low of 1,624.59 in opening trade.

Krungsri Securities predicted the day’s index would fluctuate between 1,610 and 1,630 points despite positive news of the US would extend a debt limit until December.

It added that the index also gained positive sentiment from hopes over the country reopening after domestic Covid-19 cases have declined.

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However, the volatility in fund flow and falling oil price after the US oil storage had risen beyond expectation would pressure the index,” Krungsri Securities said.

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

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

▪︎ TOP SPRC BCP, which benefit from rising gross refining margin.

▪︎ Hana, KCE, TU, Asian and NER, which benefit from weakening baht.

The SET Index closed at 1,619.48 on Wednesday, down 4.76 points or 0.29 per cent. Transactions totalled 97.65 billion baht with an index high of 1,631.81 and a low of 1,617.24.

Published : October 07, 2021

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007147

Travel during Chinas “Golden Week” national vacation was down by a third on pre-pandemic levels, suggesting government measures to contain sporadic coronavirus outbreaks are weighing on tourism and spending in the worlds second-largest economy.

The number of trips taken on China’s road, rail and other transport networks on Tuesday was 33.8% below levels seen in 2019, with travel consistently a third below pre-pandemic levels for each of the first five days of the holiday, according to the transport ministry. Compared with 2020, daily trips were more than 5% lower.

To achieve its Covid Zero goals, China has used strict measures of quarantine and business closures to stamp out imported clusters of the delta-variant of the coronavirus that emerged from late July. Officials advised against unnecessary travel and gatherings over the Golden Week holiday, which began Oct. 1, citing the risk of further outbreaks.

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The seven-day break is China’s most important annual holiday after the Lunar New Year and traditionally a time for tourism trips.

The virus restrictions are hurting consumer spending at a time when electricity shortages caused by high coal prices led to factory shutdowns and tough government policies to control the housing market weigh on property investment. Multiple economists have recently downgraded their forecasts for economic growth for this year.

“Recent Covid outbreaks are also still weighing on domestic spending and this pressure is likely to linger for longer,” Louis Kuijs, head of Asia economics at Oxford Economics, wrote in a note. He downgraded his estimate for China’s growth in the fourth quarter to 3.6% year-on-year from 5% previously, citing the continued impact of property curbs as the main factor.

Citigroup analysts said while leisure travel is showing signs of recovery, the rebound in tourism revenue may lag because of shorter trips, younger tourists and discounted products.

Cinema box office sales climbed during the holidays, a sign that consumers may be spending more on leisure activities closer to their places of residence even as they travel less.

Ticket sales over the first five days of the vacation were 3 billion yuan ($465 million), compared with 2.7 billion yuan in 2020, according to ticketing company Maoyan. Sales were driven by the success of “Battle at Lake Changjin” a patriotic film about the Korean War. Those sales were still below 2019 levels, when moviegoers spent 3.25 billion yuan over the first five days of the holiday.

China is expected to release more detailed spending data over the period at the end of the vacation on Thursday.

Published : October 07, 2021

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007140

Asian buyers are paying top dollar for a variety of fuels that can be fed into steam boilers or power turbines as they seek alternatives to increasingly pricey natural gas.

The electricity crisis is roiling energy markets from Europe to Asia, with fuels that can be used for heating or power generation such as propane, diesel and fuel oil in high demand. Goldman Sachs Group Inc. predicts the crunch will drive greater consumption of crude later this year, while China has ordered state-owned firms to secure energy supplies for winter at all costs.

In Asia, prices of propane — an oil product that’s typically used for cooking or making plastics — have surged to the highest since at least 2016, while fuel oil recently almost doubled from a year earlier. Refiners are getting a boost from the crisis, with profits from converting oil into diesel at the highest since January 2020, before the pandemic eviscerated demand.

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The power crunch has been caused by surging prices for electricity feedstocks like coal and liquefied natural gas. The cost of the super-chilled fuel in Asia has jumped to a record, although that hasn’t discouraged China from buying in its pursuit of energy security. Saudi Aramco estimates the gas crisis has already increased oil demand by around 500,000 barrels a day, while Goldman sees consumption climbing even higher.

Tighter supplies of liquefied petroleum gas — which includes propane and butane — have contributed to higher prices. U.S. shipments to Asia plunged more than 30% in September from a month earlier to the lowest level since February, said Serena Huang, Asia lead analyst at Vortexa Ltd. Top LPG supplier Saudi Arabia has also hiked prices to the highest in seven years.

“LPG purchases from Asian importers will likely pick up ahead of winter,” said Sam Sng, a senior analyst at industry consultant FGE. Inventories in Japan are “fairly low,” while demand for blending LPG with LNG will increase in South Korea over the next few months, he added.

Fuel oil inventories are also dwindling. Typically used to power ships or as an emergency backstop for natural gas, stockpiles at the storage hub of Singapore have shrunk to the lowest level in two years. Pakistan and Bangladesh have been key buyers in the region, snapping up supplies to replace costlier LNG, which has helped to underpin improving margins for making fuel oil.

South Asia will generate about 85,000-to-90,000 barrels a day of incremental fuel oil demand from October through to March 2022, mostly from the power generation sector, according to Sandra Octavia, an analyst at Energy Aspects Ltd. Japan — the epicenter of a fuel oil buying frenzy last winter — is likely better prepared with its energy supplies this year, however.

Stockpiling for winter heating is also boosting kerosene demand, said Victor Shum, vice president of energy consulting for IHS Markit. The overall demand surge may boost Singapore benchmark complex refining margins by about $3.10 a barrel in the fourth quarter, from a year earlier, he added.

China’s diesel consumption surged last winter as factories rushed to install portable generators to ensure plants remained open during power shortages, and that trend is likely to continue this year. Demand in Europe has soared, widening the price gap with Asia, while Indian exports of the fuel have jumped to the highest level in four months.

Published : October 07, 2021

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007138

Stocks whipsawed in heavy trading as Republicans were poised to offer Democrats a way to end the debt limit impasse.

The S&P 500 and Nasdaq 100 both gained, erasing earlier losses of more than 1%, after Senate Minority Leader Mitch McConnell said he planned to offer a short-term debt ceiling increase that would last into December.

The turbulence comes as the benchmark S&P 500 has logged four straight days of 1% moves amid a growing list of concerns including the debt ceiling and inflation amid surging energy prices. European equities also halved losses as natural gas prices — up as much as 40% at one point — turned lower after Russia’s President Vladimir Putin said the country is ready to help.

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“With the latest news that Republicans are willing to come to the table and negotiate an extension, equities (and yields) have rallied back,” Anna Han, a Wells Fargo Securities strategist, said in an email. “It’s certainly not all peachy, but it does bring short-term relief to one of the various macro risks we have been watching.”

The yield on the U.S. 10-year Treasury note was little changed as investors considered the U.S. economic outlook. ADP employment data beat analyst expectations ahead of Friday’s U.S. non-farm payrolls, cementing predictions the Federal Reserve will taper stimulus next month. A strong U.S. jobs report could assuage worries about ongoing hiring challenges. However, the market remains volatile on concerns elevated inflation may persist longer than the central bank expects, especially in the face of an energy crunch this winter.

“To be sure, the beat on private payroll numbers is a positive but there’s no shortage of catalysts out there that could move the market,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial, adding that positive labor data could prompt the Fed to tighten policy at a quicker pace. “But the fact that hiring is up, shouldn’t be discounted. It’s definitely a good thing in terms of recovery.”

If job gains in the ADP data does translate to Friday’s report, analysts expect the Fed to announce taper plans for its asset-purchase program in early November. Fed Chair Jerome H. Powell said he was looking for “decent” job growth.

“We’re in quite a different labor market in that for many sectors there is a shortage of workers,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group. “Hopefully we’re in the midst of seeing more labor supply with kids back in school, covid under control and the end of the extra unemployment benefits.”

Crude oil in New York fell, the dollar was stronger against major peers, and Bitcoin jumped above $54,000.

Some of the main moves in markets:

Stocks

The S&P 500 rose 0.4% as of 4 p.m. EDT

The Nasdaq 100 rose 0.6%

The Dow Jones industrial average rose 0.3%

The MSCI World index was little changed

Currencies

The Bloomberg Dollar Spot Index rose 0.2%

The euro fell 0.3% to $1.1558

The British pound fell 0.3% to $1.3588

The Japanese yen was little changed at 111.39 per dollar

Bonds

The yield on 10-year Treasurys was little changed at 1.52%

Germany’s 10-year yield was little changed at -0.18%

Britain’s 10-year yield declined one basis point to 1.07%

Commodities

West Texas Intermediate crude fell 2.4% to $77.06 a barrel

Gold futures rose 0.3% to $1,765.50 an ounce

Published : October 07, 2021

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007128

The Stock Exchange of Thailand (SET) Index closed at 1,619.48 on Wednesday, down 4.76 points or 0.29 per cent. Transactions totalled 97.65 billion baht with an index high of 1,631.81 and a low of 1,617.24.

The index fell after rising by 0.60 per cent on Tuesday and 0.58 per cent on Monday.

In the morning session, Krungsri Securities expected the day’s index would rise to between 1,630 and 1,635 points on rising oil and coal prices in response to China’s power crisis.

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It added that the index also gained positive sentiment from hopes over the country reopening after domestic Covid-19 cases continued to decline, plus ongoing development of Molnupiravir anti-coronavirus pill.

However, the index would be under pressure in the short term due to uncertainty over the US Federal Reserve signalling it would taper its quantitative easing and raise the interest rate sooner than expected,” Krungsri Securities said.

Related stories:

• SET expected to climb on rising oil price, country reopening
• Baht faces further weakening
• Gold price reaches highest point in a month

The 10 stocks with the highest trade value today were BANPU, SVT, TRUE, SCC, KBANK, GUNKUL, PTT, GULF, IVL and CPALL.

Other Asian indices were on the fall:
Japan’s Nikkei Index closed at 27,528.87, down 293.25 points or 1.05 per cent.
Hong Kong’s Hang Seng Index closed at 23,966.49, down 137.66 points or 0.57 per cent.
South Korea’s KOSPI Index closed at 2,908.31, down 53.86 points or 1.82 per cent.
Taiwan’s TAIEX Index closed at 16,393.16, down 67.59 points or 0.41 per cent.

China’s Shanghai SE Composite and Shenzhen SE Component Indices were closed for National Day.

Published : October 06, 2021

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007113

The price of gold rose by THB100 in morning trade on Wednesday.

A9.29am report from the Gold Traders Association showed the buying price of gold bar at THB28,100 per baht weight and selling price at THB28,200, while the buying and selling price of gold ornaments is THB27,591.20 and THB28,700, respectively.

At close on Tuesday, the buying price of gold bar was THB28,000 per baht weight and selling price THB28,100, while gold ornaments were THB27,500.24 and THB28,600, respectively.

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The spot gold price on Wednesday morning was hovering around US$1,758 (THB59,561) per ounce after Comex gold at close on Tuesday dropped by $6.7 to $1,760.9 per ounce. This was the first day of decline in four business days due to pressure from the appreciation of the US dollar and the rise in the US government bond yields

Related news:

• SET expected to climb on rising oil price, country reopening
• Baht faces further weakening
• Crypto future could soon look a lot like the U.S. dollar

The price of gold in Hong Kong, meanwhile, dropped by HK$70 to $16,340 (THB71,091) per tael, the Chinese Gold and Silver Exchange Society reported.

Published : October 06, 2021

By : THE NATION