- USDTHB: moving in the range 35.70-35.80 this morning, supportive level at 35.60 resistance level at 35.85
· SET Index: 1,616.9 (-0.24%), 28 Nov 2022
· S&P 500 Index: 3,963.9 (-1.56%), 28 Nov 2022
· Thai 10-year government bond yield (interpolated): 2.64 (-2.03 bps), 28 Nov 2022
· US 10-year treasury yield: 3.69 (+1.0 bps), 25 Nov 2022
- Euro zone credit growth remains brisk despite gloomy outlook
- UK housing market seen facing further ‘mini-budget’ fallout
- Japan retail sales disappoint in Oct as inflation, weak yen bite
- Dollar gains on safe-haven flows after China's COVID protests
Euro zone credit growth remains brisk despite gloomy outlook Bank lending to euro zone companies held steady, maintaining the sector's biggest borrowing binge in over a decade, despite rising interest rates and a looming recession, European Central Bank data showed. Lending to businesses in the 19-country euro area expanded by 8.9% in October, unchanged in September when it rose to its highest rate since early 2009. Household credit growth meanwhile slowed to 4.2% from 4.4%. The monthly flow of loans to companies, however, slowed sharply, to 24.0 billion euros from 36.6 billion a month earlier with the flow of short-term loans coming to a standstill. Growth in the M3 measure of money circulating in the euro zone, meanwhile slowed to 5.1% from 6.3%, coming well under expectations for 6.2% in a Reuters survey.
UK housing market seen facing further ‘mini-budget’ fallout British property market activity stalled in October and house price growth slowed to its lowest quarterly level since February 2020 due to a disastrous “mini-budget” and a cost-of-living crisis, a survey showed. Zoopla’s house price index said the October slowdown was in part due to the economic plan set out in September by then prime minister Liz Truss, which triggered a sell-off in bond markets. Buyer demand fell 44% year-on-year in October, while sales volumes were down 28% compared to a year earlier, but on par with the pre-pandemic period. In annual terms, house price inflation slowed to 7.8%, with quarterly growth at 0.7%, the lowest rate since February 2020. Zoopla predicts British house price growth to head towards 0% and possibly enter negative territory next year.
Japan retail sales disappoint in Oct as inflation, weak yen bite Japanese retail sales grew less than expected in October, as rising inflation, slowing economic growth and a severely weakened yen weighed heavily on consumer spending. Retail sales grew 4.3% from last year in October, data from the Ministry of Economy, Trade and Industry showed. The reading was below expectations for growth of 5% and came in below September’s reading of 4.8%. The data follows a string of weak economic readings for October and November, as the Japanese economy faces increased headwinds from high inflation and a weakening yen. Inflation in the country’s capital grew more than expected to a 40-year high in November, heralding a similar increase in nationwide inflation. Japanese consumer inflation also surged to a 40-year high in October, severely crimping the spending power of local consumers.
Dollar gains on safe-haven flows after China's COVID protests The 10-year government bond yield (interpolated) on the previous trading day was 2.64, -2.03 bps. The benchmark government bond yield (LB31DA) was 2.545, -2.5 bps. LB31DA could be between 2.40-2.90. Meantime, the latest closed US 10-year bond yields was 3.69, +1.0 bps. USDTHB on the previous trading day closed around 35.86 Moving in a range of 35.70-35.80 this morning. USDTHB could be closed between 35.50-36.20 today. The U.S. dollar traded higher in Europe early Monday, and the Chinese yuan slumped to a two-week low as protests the Chinese government’s mobility restrictions to combat surging COVID cases prompted safe haven flows. China posted another record high COVID-19 infections on Monday, and the extent of the country’s restrictive mobility curbs prompted a series of protests in several cities, with large swathes of the population showing their frustration that these restrictions were still in place three years after the original outbreak.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
