Kaohoon Morning Brief – 11 October 2021

Morning brief of major stories since the closing of Thai stock market on 11 October 2021.

1) U.S. September job missed expectations 

The U.S. job report came up short in September as nonfarm payrolls rose by 194,000, compared to an expectation of 500,000 by Dow Jones. The unemployment rate fell to 4.8%, which was better than the expectation of 5.1%. The slower job creation was due to a sharp drop in government employment.


2) China adds crypto-mining to its draft “negative list”

Chinese authorities added cryptocurrency mining to the draft “negative list,” which will prohibit both Chinese and foreign investors from transactions. Earlier, the Central Bank issued a statement to ban cryptocurrency trading, mining and any related financial services.


3) China pushes U.S. for lifting trade tariffs

Chinese Vice-Premier Liu He and US trade representative Katherine Tai held a virtual meeting to discuss rising concerns over trade practices between the two economic giants as China pushed for lifting trade tariffs. According to the report, both sides had constructive exchanges and agreed to continue consulting on certain outstanding issues.


4) Bank earnings to grow YoY, but shrink QoQ

Investors are looking ahead to the earnings season of the Thai banking sector as analysts expected the sector to continue growing when compared to the same period of last year, but at a slower pace from the previous quarter due to the new wave of Covid-19 outbreak in 3Q and a lockdown. Tisco Financial Group Public Company Limited should be the first commercial bank to publish its earnings later this week.

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