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Market Roundup 16 August 2024
U.S. solar panel manufacturers seek duties on imports from Vietnam and Thailand. EU tariffs reduced Chinese EV registrations by 45% in July. UK retail sales grew by 0.5% in July, boosted by summer promotions and the Euros.
Thailand’s SET Index rose by 1.02% due to positive Wall Street sentiment and favorable local politics, despite cabinet uncertainties. North Korea plans to lift its travel ban. TikTok challenges U.S. national security claims in court.
Thailand’s Stock Market and Political Developments
Thailand’s SET Index closed at 1,303.00 points, an increase of 13.16 points or 1.02%, with a trading value of 35.65 billion baht. Analysts attributed this rise to positive sentiment from Wall Street and favorable political developments, including Paetongtarn Shinawatra’s election as the new prime minister. However, uncertainties remain regarding the cabinet formation and new policy announcements.
The market might reach 1,320 points as investors await the country’s second-quarter GDP data and the Monetary Policy Committee’s meeting outcomes.
Various Global Developments
North Korea is planning to lift its ban on international travelers that was imposed during the COVID-19 pandemic in order to resume tourism this winter. This plan has been confirmed by tour operators KTG and Koryo Tours. In the U.S., TikTok is challenging a law that requires ByteDance to sell its U.S. operations, disputing claims of national security risks. Additionally, American solar panel manufacturers have requested the Commerce Department to impose duties on imports from Vietnam and Thailand, alleging unfair trade practices.
New tariffs imposed by the European Union have led to a 45% reduction in registrations of Chinese-made electric vehicles in July. Meanwhile, in the UK, retail sales saw a 0.5% increase in the same month, attributed to summer promotions and the Euros football tournament.
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Source: SET
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