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Daily Market Insight: 9 March 2023

9 มี.ค. 2566
  •   USDTHB: moving in the range 35.04-35.14 this morning, supportive level at 34.90 resistance level at 35.25

·         SET Index: 1,612.6 (-0.37%), 8 March 2023

·         S&P 500 Index: 3,992.0 (+0.14%), 8 March 2023

·         Thai 10-year government bond yield (interpolated): 2.56 (+1.48 bps), 8 March 2023

·         US 10-year treasury yield: 3.98 (+1.00 bps), 8 March 2023


  • US job openings stay elevated as labor market remains tight
  • Euro zone economic growth trimmed to zero q/q at end of 2022
  • China CPI inflation softens in Feb, PPI worsens on weak manufacturing
  • Oil extends losses amid US rate-hike concerns


US job openings stay elevated as labor market remains tight U.S. job openings fell less than expected in January and data for the prior month was revised higher, pointing to persistently tight labor market conditions that likely will keep the Federal Reserve on track to raise interest rates for longer. But the Labor Department's monthly Job Openings and Labor Turnover Survey, or JOLTS report, on Wednesday also hinted at some cracks in the labor market. Layoffs rose to a two-year high in January and job cuts were higher than initially thought in 2022. Fewer people voluntarily quit their jobs. Nevertheless, the labor market remains strong, with 1.9 job openings per every unemployed person, down from 2.0 in December. Job openings, a measure of labor demand, decreased by 410,000 to 10.8 million on the last day of January. Data for December was revised higher to show 11.2 million job openings instead of the previously reported 11.0 million. Economists polled by Reuters had forecast 10.5 million job openings.


Euro zone economic growth trimmed to zero q/q at end of 2022 The euro zone failed to register any growth quarter-on-quarter in the final three months of 2022, European statistics agency said on Tuesday, slightly revising down both its GDP and employment growth numbers, although the latter remained strong. Euro zone economic growth was 0.0% in the fourth quarter compared with the third and 1.8% from a year earlier, Eurostat said in a statement. That compared with flash estimates of 0.1% and 1.9% published on February 14. The revisions still confirmed that the euro zone narrowly avoided the technical recession that had previously been expected. Greece, Malta and Cyprus all registered quarterly growth of more than 1%, with declines seen in Germany, Estonia, Italy and Lithuania.


China CPI inflation softens in Feb, PPI worsens on weak manufacturing Chinese consumer inflation missed expectations in February as spending still remained constrained despite the lifting of anti-COVID measures, while factory gate prices shrank more than expected as disruptions in the manufacturing sector persisted.  Consumer Price Index inflation (CPI) rose 1% in the 12 months to February, data from the National Bureau of Statistics showed on Thursday. The reading was lower than expectations for a rise of 1.9%, and much softer than last month’s reading of 2.1%. CPI inflation fell 0.5% from the prior month, missing estimates for a rise of 0.2% and  weaker than January’s reading of 0.8%. Producer Price Index (PPI) inflation continued to worsen, falling 1.4% in the 12 months to February. The data was weaker than expectations for a drop of 1.3%, and last month’s reading of negative 0.8%.


Oil extends losses amid US rate-hike concerns The 10-year government bond yield (interpolated) on the previous trading day was 2.56, +1.48 bps. The benchmark government bond yield (LB31DA) was 2.56, +2.00 bps. LB31DA could be between 2.30-2.80. Meantime, the latest closed US 10-year bond yields was 3.98 +1.00 bps. USDTHB on the previous trading day closed around 35.11 Moving in a range of 35.04-35.14 this morning. USDTHB could be closed between 35.00-35.50 today. Oil prices fell on Wednesday as fears that more aggressive U.S. interest rate hikes would pressure economic growth and oil demand outweighed a larger-than-expected draw in U.S. crude stocks. Both oil benchmarks had dropped by more than 3% on Tuesday after comments by U.S. Federal Reserve Chair Jerome Powell that the central bank would likely need to raise interest rates more than expected in response to recent strong data. Brent crude futures were down 63 cents, or 0.8%, to $82.66 per barrel, while U.S. West Texas Intermediate (WTI) crude futures slipped 92 cents, or 1.2%, to $76.66 a barrel. A stronger dollar also capped oil prices earlier in the session. Powell's comments had propelled the U.S. dollar, which typically trades inversely with oil, to hit a three-month high against a basket of currencies.


Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC

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