Asian shares fell on Friday amid uncertainty over US interest rates, with investors selling risk assets despite Nvidia’s strong earnings. The Thai stock market declined 2.14% to its lowest since August, partly due to rising political risks with a possible early dissolution of the House.
US jobs data showed strong growth of 119,000 new jobs in September, but the unemployment rate rose to 4.4%, indicating a fragile labor market. Fed minutes revealed ongoing debate over rate cuts, with a 55.4% chance rates will remain unchanged in December.
Nvidia surpassed expectations with a 62% revenue increase to $57 billion, easing AI bubble concerns. Japan approved a ¥21.3 trillion stimulus package amid a 1.8% Q3 contraction. The US trade deficit narrowed in August, while Japan’s trade deficit persisted.
Bitcoin fell 2.1% below $86,000. The People’s Bank of China kept its loan rates unchanged. UK consumer confidence hit a low, with almost 60% expecting economic decline. Berkshire Hathaway purchased $4.3 billion in Alphabet shares, reducing its Apple holdings.
Thailand’s economy slowed to 1.2% growth in Q3, with GDP shrinking 0.6% from Q2. The government plans to gradually increase VAT and cut its deficit. The Bank of Thailand reported a 1% contraction in bank lending, and the Thai Industries Sentiment Index remained below growth threshold.
PTT is considering selling its stake in an EV joint venture. Siam Cement will invest another $500 million abroad. The housing market is sluggish, prompting rental options and show unit sales. The government’s Co-Payment program will expand in January.
Upcoming economic data includes Germany’s business outlook, US GDP, and Japan’s industrial production. Locally, upcoming reports focus on company performance and corporate governance.
Stock watchers predict potential tourism boosts from China-Japan tensions redirecting Chinese tourists to Thailand, while trade negotiations with the US may progress amid rising domestic political uncertainty. Support levels are seen at 1,250 by ASL Securities and 1,230 by InnovestX.