July 19 2024: Thailand is set to introduce a new financial business law aimed at attracting foreign funds and facilitating investment in the sector, Deputy Finance Minister Paopoom Rojanasakul announced on Friday. Speaking at a business event, Rojanasakul explained that the proposed law would establish a ‘one-stop authority’ responsible for setting regulations and issuing licenses across key financial areas. These areas include the banking sector, securities, derivatives, digital assets, and insurance. The government plans to present this legislation to parliament later this year. Prime Minister Srettha Thavisin emphasized that becoming a global financial center could transform Thailand’s economic structure without requiring…
Author: editor2
July 19 2024: Most Asian currencies weakened on Friday, as fears of escalating trade tensions between the U.S. and China dented sentiment, favoring the dollar as a safe-haven asset even as expectations of interest rate cuts persisted. Dollar Strength The dollar index and dollar index futures each recovered some of their recent losses, rising 0.1% in Asian trade and putting them on track for their first weekly gain in three weeks. Gains on Thursday and Friday saw the greenback rebound from near four-month lows, as markets continued to bet that the Federal Reserve will start cutting interest rates from September. This…
July 19 2024: Oil prices declined on Friday, pressured by a strong U.S. dollar, mixed economic signals, and ongoing concerns about China’s economic growth, which dampened investor sentiment. Price Movement and Currency Impact Brent crude prices fell by 41 cents, or 0.5%, to $84.70 a barrel by 0650 GMT, while U.S. West Texas Intermediate (WTI) crude futures dropped 49 cents, or 0.6%, to $82.33 a barrel. For the week, Brent was down 0.3%, whereas WTI was trading marginally higher. The U.S. dollar index climbed for the second consecutive session following stronger-than-expected data on the U.S. labor market and manufacturing earlier in…
July 19 2024: Bitcoin prices fell slightly on Friday as a recent rebound in the crypto market lost momentum, with attention remaining on the distributions from the defunct exchange Mt Gox and the evolving U.S. regulatory landscape. Rebound and Regulatory Speculation Bitcoin, the world’s largest cryptocurrency, experienced a strong rebound this week driven by speculation that a Donald Trump presidency could lead to a more favorable regulatory environment for crypto. Trump has emphasized friendlier crypto regulations as part of his reelection campaign, which has buoyed market sentiment. However, concerns about potential selling pressure from Mt Gox distributions have tempered gains. The…
July 19 2024: Japanese stocks could encounter significant volatility this summer, according to Bank of America (BoFA) analysts. This volatility stems from speculation over a potential Donald Trump presidency and expectations of lower U.S. interest rates. Sources of Volatility Uncertainty regarding the Bank of Japan’s (BOJ) plans to raise interest rates is another key source of volatility for Japanese markets. An early rate hike by the BOJ could lead to yen appreciation, further unsettling the markets. Shift in Market Dynamics Recent sessions have seen a global shift towards more economically-sensitive sectors, driven by expectations of lower U.S. interest rates. This trend…
July 18 2024: Singapore’s economic growth for the full year is expected to align closer to its potential rate of 2% to 3%, with core inflation anticipated to ease significantly in the final quarter, according to the Monetary Authority of Singapore (MAS) managing director Chia Der Jiun. Economic Growth and Sector Performance During the release of the MAS annual report, Chia highlighted that growth across major sectors of Singapore’s economy is expected to return gradually to pre-pandemic rates. The GDP growth forecast is positioned in the upper half of the Trade Ministry’s forecast range of 1% to 3% for the year,…
July 18 2024: Japan’s yen climbed to a six-week high on Thursday, sparking speculation of official intervention, while traders anticipated the European Central Bank (ECB) meeting to guide the euro’s next move. ECB Meeting and Euro Outlook The euro stood at $1.0929, near Wednesday’s four-month peak, ahead of the ECB meeting where rates are expected to remain steady. The focus is on whether policymakers will support market bets of a rate cut in September. “We expect the ECB to emphasize that future interest rate cuts will depend on further declines in inflation and wages growth,” said Joe Capurso of Commonwealth Bank…
July 18 2024: Oil prices extended their gains from the previous session on Thursday, driven by a larger-than-anticipated decline in U.S. crude stocks. Brent futures increased by 58 cents, or 0.7%, reaching $85.66 a barrel by 0630 GMT, while U.S. West Texas Intermediate (WTI) crude rose by 75 cents, or 0.9%, to $83.60. Both contracts had settled higher on Wednesday. U.S. Crude Inventories See Significant Drop Data from the U.S. Energy Information Administration (EIA) revealed that U.S. crude inventories fell by 4.9 million barrels last week, surpassing the 30,000 barrels decline forecasted by analysts in a Reuters poll and the 4.4…
July 18 2024: Bitcoin’s price dropped on Thursday, reversing its recent gains as lingering concerns over token distributions from the defunct crypto exchange Mt Gox remained prominent. After rebounding from near four-month lows earlier this week, Bitcoin’s price was affected by the ongoing fears surrounding Mt Gox, which overshadowed the initial optimism generated by the potential for a friendlier regulatory environment under a prospective Donald Trump presidency. Bitcoin fell 1.3% in the past 24 hours to $64,818.4 by 01:52 ET (05:52 GMT). Mt Gox Jitters Persist After $2.8 Billion Mobilization Persistent concerns regarding Mt Gox were a key factor in Bitcoin’s…
July 18 2024: Asian equities fell sharply on Thursday, led by a sell-off in chip stocks as investors grew increasingly concerned about escalating trade tensions between the U.S. and China. Meanwhile, the Japanese yen firmed after reaching a six-week high, following suspected interventions by Tokyo. The U.S. dollar remained near its weakest level in four months against a basket of currencies, as comments from Federal Reserve officials reinforced expectations for a rate cut in September, keeping gold prices near record highs. MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.63%, with a sub-index of IT stocks down 2.5%. Tech-heavy South…
