New economic team fails to lift market sentiment

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STOCK MARKETS
New economic team fails to lift market sentiment
The Nation

BANGKOK: -- Thai shares plummeted by as much as 3.84 cent on Monday morning trade, as the market and other bourses across the globe fall under huge external pressure.

At noon, the Stock Exchange of Thailand index plunged by 52.43 points to 1,313.18 points, with turnover of Bt32.8 billion. The nosedive followed a depressive week, as Bangkok was rattled by the deadly bombing. Month to date, foreigners’ net-sells of Thai shares are tuned at Bt29.2 billion.

At this level, the index was at an18-month low. It closed on February 28 at 1325.33 points.

In its research note, Tisco Securities expected a continued slide today. Yet, it hoped that the new economic team which started working today as well as the National Reform Council’s passage of the charter draft should allow the Thai market to perform better than other markets.

Share prices across Asia were being hammered on Monday, led by Shanghai which plunged 8.19 per cent early today. Tokyo’s benchmark stock index dropped more than four per cent to finish at a six-month low.

This followed a sharp loss in US and European stocks on Friday, on a combination of bad news that ranged from deepening worries about China’s economy, the European economy sputtering as Greece calls for a new election, to the unclear date for the timing of US rate hikes.

China has been a key driver of global growth in the last 10 years. The International Monetary Fund has forecast China’s growth at 6.8 per cent this year - compared with 7.4 per cent in 2014 - but many analysts have doubts about official Chinese figures.

"The recovery in the US and, to a lesser extent, the euro area and Japan will be offset by the ongoing slowdown in China, low or negative growth in Latin America and only a gradual Russian recovery from its recession this year," Marie Diron, senior vice president for credit policy at Moody’s, said in a note.

"Uncertainties over China’s slowdown have escalated," banking giant Citi Group said in a note, predicting that growth in the world’s second-biggest economy "is likely to remain sluggish."

Source: http://www.nationmultimedia.com/business/New-economic-team-fails-to-lift-market-sentiment-30267292.html

-- The Nation 2015-08-24

[Charlie Croker]

'New economics team fail to walk on water.'

May as well be the article title.

Of course there aren't likely to have a great effect on the current situation. Thailand, like every other country in the world (except the USA) are suffering.

The best they are likely to achieve is to negotiate some very difficult challenges. Until the world economy starts to improve, Thailand is going to remain in a rut.

Anything they can achieve should be seen as a big win.

[Baerboxer]

FTSE 100 dipped below 6k today to a 52 week low of 5,995.55.

Currently at 6020.55.

Overall trend is down, down, deeper and down,

52 week high was 7,122.70.

All markets in the red.

[fang37]

The global markets are trending very well - downwards.

The Bears are celebrating!

[Baerboxer]

The global markets are trending very well - downwards.

The Bears are celebrating!

This Bear ain't mate

FTSE down to 5,768.22 at one point, new 52 week low. Now closed at 5898.87.

A loss of 17% since may. And, as you say trending on down.

[fang37]

"The trend is your friend"?