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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.

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https://www.nationthailand.com/business/30404408

SET up 0.5% as US advances on $2tn stimulus plan

EconApr 01. 2021

By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,595.12 on Thursday, up 7.91 points or 0.50 per cent. Total transactions amounted to Bt76 billion with an index high of 1,600.60 and a low of 1,590.33.

In the morning session, Krungsri Securities predicted that the SET would move between 1,580 and 1,600 points amid positive news of a $2-trillion US stimulus plan.

Factors causing the index to fluctuate included the falling oil price and a rise in the US 10-year Treasury bond yield, Krungsri Securities said.

The 10 stocks with the highest trade value today were DELTA, KBANK, EA, PTT, BBL, AEONTS, OR, GPSC, CPALL and IVL.

Other Asian indices were on the rise:

Japan’s Nikkei Index closed at 29,388.87, up 210.07 points or 0.72 per cent.

China’s Shang Hai SE Composite Index closed at 3,466.33, up 24.42 points or 0.71 per cent, while Shenzhen SE Component Index closed at 13,979.69, up 201.02 points or 1.46 per cent.

Hong Kong’s Hang Seng Index closed at 28,938.74, up 560.39 points or 1.97 per cent.

South Korea’s KOSPI closed at 3,087.40, up 25.98 points or 0.85 per cent.

Taiwan’s TAIEX Index closed at 16,571.28, up 140.15 points or 0.85 per cent.

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https://www.nationthailand.com/business/30404375

Tech shares pushes stocks higher; crude falls

EconApr 01. 2021

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

Technology shares led U.S. stocks higher, regaining favor on the last day of a quarter where they trailed the rest of the major market sectors, with President Joe Biden set to unveil his next stimulus plan.

Apple Inc., Microsoft Corp. and Tesla Inc. pushed the tech-heavy Nasdaq 100 up 1.5%, while the Dow Jones Industrial finished lower with investors favoring growth over value shares again. The benchmark S&P 500 set an intraday high, retreating from a record closing level in the last moments of trading. Oil fell after an OPEC+ panel meeting ended without an oil policy recommendation. The dollar weakened, but still posted its best quarter in a year. The Bloomberg Commodity Index and developing-nation currencies climbed.

“The message is pretty clear that he intends to go big,” said Shawn Snyder, head of investment strategy at Citi Personal Wealth Management. “It’s really really huge fiscal tail winds.”

Data for March showed U.S. private employers added the most jobs in six months, adding to evidence that the vaccine drive and business reopenings are encouraging hiring.

Investors, rattled this week by the meltdown at Bill Hwang’s Archegos Capital Management, are turning their attention to growth and inflation as volatility spurred by the forced sales subsides. While Europe’s struggle with inoculations and the resurgence of the coronavirus have tempered growth expectations, the U.S. vaccine rollout is surpassing targets.

“We continue to be in this rotational kind of market and in particular some of what had been — to use a supermarket term — the hot pockets of speculative excess,” said Liz Ann Sonders, chief investment strategist at Charles Schwab. “But it obviously has not taken the market down with it more broadly, nor did the spectacle of Archegos do that either, so there’s clearly still resilience in the market.”

The fallout from the Archegos liquidation continued to play out. Discovery Inc.’s Class B shares surged as much as 115% before paring some gains and triggering several volatility halts. The gain far outpaced the advance in Class A shares, which trade with significantly more daily volume.

Ten-year Treasury yields rose for the fourth time in five days, trading near a 14-month high. Gold steadied after a two-day slump. West Texas Intermediate crude slipped after a gathering among producers ended without any recommendations on output, according to delegates.

These are some of the main moves in financial markets:

Stocks

The S&P 500 Index increased 0.4% to 3,972.90 as of 4:06 p.m. EDT.

The Dow Jones industrial average decreased 0.3% to 32,981.55.

The Nasdaq Composite Index gained 1.5% to 13,246.87, the highest in more than a week on the largest climb in almost three weeks.

The Nasdaq 100 Index gained 1.5% to 13,091.44, the highest in almost two weeks.

The Stoxx Europe 600 Index fell 0.2% to 429.60, the largest fall in more than a week.

Currencies

The Bloomberg Dollar Spot Index decreased 0.2% to 1,152.21.

The euro rose 0.1% to $1.1726.

The British pound increased 0.3% to $1.3782.

The Japanese yen depreciated 0.3% to 110.74 per dollar, hitting the weakest in about a year with its sixth straight decline.

Bonds

The yield on two-year Treasurys gained one basis point to 0.16%, the highest in three weeks on the biggest rise in more than a week.

The yield on 10-year Treasurys gained three basis points to 1.74%, the highest in about 14 months.

The yield on 30-year Treasurys jumped four basis points to 2.41%.

Britain’s 10-year yield increased two basis points to 0.845%, the highest in more than a week.

Germany’s 10-year yield fell one basis point to -0.29%.

Commodities

West Texas Intermediate crude decreased 2% to $59.36 a barrel.

Gold strengthened 1.3% to $1,707.49 an ounce, the biggest increase in three weeks.

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https://www.nationthailand.com/business/30404362

SET dips slightly as Asian stocks lose ground

EconMar 31. 2021

By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,587.21 on Wednesday, down 2.32 points or 0.15 per cent. Total transactions amounted to Bt72 billion with an index high of 1,593.93 and a low of 1,585.58.

In the morning session, Krungsri Securities forecast the day’s index would fluctuate between 1,580 and 1,600 points despite hopes from a US infrastructure plan worth a massive $3 trillion (Bt93.6 trillion).

“The index would be under pressure due to the falling oil price and uncertainty over a rising US bond yield,” said the Krungsri Securities analyst.

The 10 stocks with the highest trade value today were PTT, EA, STGT, OSP, CPALL, OR, KBANK, RS, GPSC and CBG.

Other Asian indices were on the fall:

Japan’s Nikkei Index closed at 29,178.80, down 253.90 points or 0.86 per cent.

China’s Shang Hai SE Composite Index closed at 3,441.91, down 14.76 points or 0.43 per cent, while Shenzhen SE Component Index closed at 13,778.67, down 109.77 points or 0.79 per cent.

Hong Kong’s Hang Seng Index closed at 28,378.35, down 199.15 points or 0.70 per cent.

South Korea’s KOSPI closed at 3,061.42, down 8.58 points or 0.28 per cent.

Taiwan’s TAIEX Index closed at 16,431.13, down 123.77 points or 0.75 per cent.

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https://www.nationthailand.com/business/30404355

Small, medium stocks jump as large stocks show restricted upside

EconMar 31. 2021

By The Nation

The price of small and medium stocks on Tuesday skyrocketed because large stocks are offering limited room for expansion, experts said.

On Tuesday, the price of Better World Green (BWG) shares rose by 19.44 per cent to Bt0.86 per share, followed by Italian-Thai Development (ITD) by 14.19 per cent to Bt1.77, Thai Film Industries by 13.79 per cent to Bt0.33, and Nawarat Patanakarn (NWR) by 12.16 per cent to Bt0.83.

Chanchai Pantathanakit, investment strategy manager at Asia Plus Securities, said large stocks offer limited upside room due to foreign investors and local institutions’ net buys and sales in the latter part of March.

He said small and medium shares rose thanks to retail investors, judging from the fact that the number of stock-trading accounts had increased to 274,000 in February compared to 62,200 last year.

“Since the beginning of 2021, the Market for Alternative Investment has generated returns of up to 36.3 per cent, followed by 27.7 per cent in the sSET Index, 9.6 per cent in the SET, 8.3 per cent in SET100 and 6.7 per cent in SET50,” he said.

The investment strategist advised investors to speculate on stocks whose performance is likely to grow, such as SPVI at a fair value of Bt6.92 per share and Infraset (INSET) at Bt4.66 per share.

Meanwhile, Yuanta Securities (Thailand) strategist Natapon Khamthakrue advised investors to speculate on stocks with strong first-quarter performance that have gained from the government’s stimulus measures, such as Arrow Syndicate (ARROW), TAC Consumer (TACC), Business Alignment (BIZ), Moong Pattana International (MOONG), AMA Marine (AMA), Techno Medical (TM), ND Rubber (NDR), Sea Oil (SEAOIL) and Intermedical Care and Lab Hospital (IMH).