- USDTHB: moving in the range 35.665-35.69 this morning supportive level at 35.50 resistance level at 35.80
· SET Index: 1,384.5 (+0.35%), 13 Mar 2024
· S&P 500 Index: 5,165.3 (-0.19%), 13 Mar 2024
· Thai 10-year government bond yield (interpolated): 2.50 (+0.24 bps), 13 Mar 2024
· US 10-year treasury yield: 4.19 (+3.00 bps), 13 Mar 2024
- European banks' bumpy recovery a year after Credit Suisse collapse
- Toyota agrees to biggest wage hike in 25 years, paves way for BOJ shift
- Thai industrial sentiment falls slightly in February on slower domestic demand, exports
- Dollar steady after strong CPI; GBP treads water with data dump in focus
European banks' bumpy recovery a year after Credit Suisse collapse A year ago Credit Suisse was teetering on the brink of collapse, a scare that sent European bank shares tumbling and the cost of insuring against default soaring. Investors were sounding the alarm about the stability of lenders amid turmoil among regional US banks. UBS's state-orchestrated rescue of the stricken Swiss peer restored calm. European banks have since staged a striking - if somewhat fragile - recovery, posting record profits and enjoying double-digit gains in their shares. European bank stocks dropped sharply in March last year - Deutsche Bank shares were down more than a fifth for the month and the European banking index had its worst month since the pandemic. Share prices have since rocketed, led by a 60% gain for UBS and nearly 70% for UniCredit. BNP Paribas and Deutsche Bank shares have underperformed but still gained.
Toyota agrees to biggest wage hike in 25 years, paves way for BOJ shift Toyota Motor agreed to give factory workers their biggest pay increase in 25 years on Wednesday, heightening expectations that bumper pay raises will give the central bank leeway to make a key policy shift next week. Toyota, Panasonic, Nippon Steel and Nissan were among some of Japan Inc's biggest names that agreed to fully meet union demands for pay hikes at annual wage negotiations that wrap. The talks, long a defining feature of the usually collaborative relationship between Japanese management and labour, are being closely watched this year as the pay increases are expected to help clear the way for the central bank to end its years-long policy of negative interest rates as early as next week.
Thai industrial sentiment falls slightly in February on slower domestic demand, exports The Thai industrial sentiment index fell slightly in February due to slower domestic demand and exports, though tourism lent some support. FTI said its industrial sentiment index in February slipped to 90.0 from 90.6 in the previous month. Domestic demand was weaker than in January due to concerns about high living costs and household debt problems, while exports also slowed as the economies of trading partners remained weak, the FTI said. Thailand's household debt was about 91% of gross domestic product. The central bank has said a debt level higher than 80% of GDP could be a drag on long-term economic growth and pose risks to the country's financial stability.
Dollar steady after strong CPI; GBP treads water with data dump in focus The 10-year government bond yield (interpolated) on the previous trading day was 2.50, +0.24 bps. The benchmark government bond yield (LB31DA) was 2.49, +1.0 bps. Meantime, the latest closed US 10-year bond yields was 4.19, +3.00 bps. USDTHB on the previous trading day closed around 35.69 Moving in a range of 35.665-35.69 this morning. USDTHB could be closed between 35.50-35.80 today. The US dollar steadied, retaining a bulk of its overnight gains after strong consumer inflation data furthered bets on higher-for-longer rates, while the British pound tread water before key GDP data. Strength in the dollar kept most other G7 currencies trading largely rangebound, with the euro, Australian dollar and Canadian dollar moving less than 0.1% in either direction. But the Japanese yen saw some strength amid continued focus on a policy shift by the Bank of Japan. The dollar index and dollar index futures fell slightly but retained a bulk of their overnight gains after a stronger-than-expected reading on consumer price index inflation. The reading showed that inflation remained stickier than expected, feeding into concerns that the Federal Reserve will have little impetus to begin trimming interest rates.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
