Financial Markets…Global equities fell for a seventh day, with the benchmark MSCI world stock index sliding 2%, hurt by mounting concerns over the U.S. fiscal crisis and reports that the Euro-area economy entered its second recession since 2009. World stocks have lost more than 3% this month.
The Japanese yen weakened 1.4% to 81.39 per dollar, after reaching a nearly 6-month low of 81.46, amid prospects of further aggressive monetary easing following a contraction in third quarter GDP. The yen also fell 1.7% to 103.92 per euro, the lowest in almost two weeks.
Oil prices rose on Thursday, with crude for December delivery rising as much as 51 cents to $86.83 a barrel in New York trading, as Israel’s attack on the Gaza Strip intensified concern that escalating Middle East unrest would disrupt oil supplies. Brent for December settlement also jumped to $111 a barrel in London trading.
Namibia issued a 850 million rand ($95 million) 10-year bond at an average yield of 105 basis points higher than comparable benchmark South African bonds. It was Namibia’s first bond issue denominated in the South African currency. The country announced plans to sell an additional 2.15 billion in rand bonds in the future.
High-income Economies…Euro Area GDP contracted 0.1% (q/q) in the third quarter of 2012, following a 0.2% decline in the second quarter, as the currency union’s economic performance continues to suffer from the ongoing debt crisis and fiscal austerity. The two consecutive quarterly GDP declines imply a technical recession (the second one since 2009). On a year-on-year basis, Euro Area output fell at a slower pace of 0.4% (y/y) in Q3 compared to a 0.6% (y/y) drop in Q2.
Positive quarterly GDP increases in the third quarter in the two largest Eurozone economies, Germany (+0.2% q/q in Q3 vs. +0.3% in Q2) and France (+0.2% in Q3 vs. -0.1% in Q2), were partially offset by GDP declines in Spain (-0.3% in Q3 vs. -0.4% in Q2), Italy (-0.2% in Q3 vs. -0.7% in Q2), the Netherlands (-1.1% in Q3 vs. +0.1% in Q2), and Portugal (-0.8% vs. -1.1%); earlier data showed Greece’s output contracted at a faster pace of 7.2% (y/y) in Q3 compared to a 6.3% (y/y) decline in Q2.
Thailand’s economic growth expected to return to 2019 levels in mid-2023
Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.
The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.(more…)
World Bank cuts Thailand’s GDP growth outlook to 1% in 2021
The World Bank has said that Thailand’s economy is forecast to grow 1% this year, down from the 2.2% projected in July, hit by a spike in COVID-19 cases and a delayed reopening to visitors.
China’s economy stumbles on power crunch
BEIJING (Reuters) – China’s economy hit its slowest pace of growth in a year in the third quarter, hurt by power shortages, supply chain bottlenecks...
Quarantine-Free Thailand Reopens for Vaccinated Tourists From 1 November 2021
The Tourism Authority of Thailand (TAT) would like to confirm that Thailand is all set to welcome fully vaccinated foreign...
The ASEAN-India Trade in Goods Agreement
The ASEAN-India Trade in Goods Agreement (the “Agreement”) is a trade deal between the ten member states of ASEAN and...
Bangkok lifts more COVID-19 restrictions
In response to the Royal Thai Government’s announcement to relax more COVID-19 controls in the dark-red zone provinces, which include...
Thailand lifts curfew in ‘Blue Zone’ destinations from 31 October 2021
Bangkok, 22 October, 2021 – The Tourism Authority of Thailand (TAT) would like to provide an update that the night-time...