Asian equities and currencies fall due to economic and geopolitical risks, China's growth concerns

From Bangkok Post: 2024-07-19 21:37:00

Asian equities and currencies fell on Friday due to economic and geopolitical risks, outweighing US interest rate optimism. China’s third plenum failed to reassure investors on economic growth. The SET index closed at 1,317.14, down 1.1% from the previous week, with retail investors net buyers and institutional investors net sellers.

President Xi Jinping prioritizes “high-quality development” in China’s economy amid sluggish growth. The Chinese economy grew slower than expected at 4.7% in Q2, mainly due to a property downturn. Home prices fell by 4.5% in June, but secondary home prices rose in Beijing and Shanghai.

The European Central Bank keeps rates steady, lowering its economic outlook. US Federal Reserve hints at rate cut timing, as consumer confidence drops while retail sales edge up. Gold prices dip, chip stocks tumble, and TSMC raises revenue projections. Global smartphone shipments increase.

IMF raises Thailand’s GDP growth forecast for 2024 and 2025. Gulf Energy and Intouch Holdings plan to merge, while Thai Beverage divests real estate. Banks expected to report lower earnings, new business registrations decline. Electricity rate to remain stable. EA faces exec resignations amid fraud probe.

GAC Aion opens factory in Thailand, industrial confidence drops. House approves 122b supplementary budget, focus on digital wallet scheme. REIC reports rising standard house construction costs. US key economic releases, Bank of Canada meeting. Local earnings reports and recommendations for stock picks.



Read more at Bangkok Post: Bangkok Post – China shares lead regional decline as risk rises