* Srettha Thavisin voted as prime minister in Thailand * Philippines c.bank chief says policy easing not on radar By Navya Mittal Aug 23 (Reuters) - Asian currencies were treading water on Wednesday, with the Thai baht up a touch after the long-delayed appointment of a prime minister, while caution reigned ahead of a U.S manufacturing survey and a key speech by the Federal Reserve chief. The Thai baht, which has been weakening since the end of July, firmed slightly by 0.2%, while Malaysian ringgit eased 0.1%. The post-election deadlock in Southeast Asia's second-largest economy came to an end after Pheu Thai Party's Srettha Thavisin was on Tuesday voted in as prime minister at the head of an unlikely alliance of populists and pro-military parties. "The successful prime minister confirmation reduces the biggest domestic risk and uncertainty to Thailand’s growth outlook," said analysts at DBS in the a note. The next step will be to form a cabinet where a "potential for some degree of policy disagreement is high, given the diversity of the coalition government" Separately, the region's central bank chief noted that Thailand's economic recovery is intact but tourism spending and exports - key drivers of growth - were weaker than expected. Away from Asia, U.S flash PMI readings, due later on Wednesday, is likely to show the factory sector remained in contraction, while traders were reluctant to place any major bets before a crucial speech by Fed Chair Jerome Powell at a central bank symposium at Jackson Hole, Wyoming, set for Aug. 24-26. "Investors might also be positioning for some disappointment – in that Powell is not expected to deviate much from the “high for longer” narrative - at Jackson Hole," said analyst at OCBC in a note. Elsewhere in the region, the Philippine peso eased 0.3%, giving up its modest gains on Tuesday and shares lost 0.2%. On Tuesday, the Philippine central bank chief said upside risks to inflation prompted it to keep policy easing off the radar as "quick reversals in policy rates ....create uncertainty." Shares in a the region were mixed, with equities in South Korean and Malaysia declining over 0.5% each. Benchmark in Thailand and Jakarta however, rose 0.2% and 0.4% each. In Singapore, shares and its currency firmed 0.1 each after data showed July inflation rose 3.8% matching economists' forecast. HIGHLIGHTS ** VinFast shares more than double to highest since market debut ** POLL-Indian stocks set for muted gains by year-end, correction likely ** Japan's factory activity shrinks at slower pace in Aug - PMI Asia stock indexes and currencies at 0413 GMT COUNTRY FX RIC FX FX INDE STOCK STOCK DAILY YTD X S S YTD % % DAILY % % Japan +0.14 -10. <.N2 0.17 24.09 00 25> China3 EC> India +0.01 -0.2 <.NS 0.09 7.23 5 EI> Indones -0.07 +1.6 <.JK 0.37 1.33 ia 0 SE> Malaysi -0.11 -5.4 <.KL -0.57 -3.49 a 0 SE> Philipp -0.33 -1.4 <.PS -0.18 -5.56 ines 3 I> S.Korea 2 11> Singapo +0.11 -1.2 <.ST 0.11 -2.70 re 0 I> Taiwan +0.06 -3.8 <.TW 0.57 16.93 0 II> Thailan +0.16 -0.9 <.SE 0.15 -7.24 d 9 TI> (Reporting by Navya Mittal in Bengaluru Editing by Shri Navaratnam)
Delayed
Other stock markets
|
5-day change | 1st Jan Change | ||
6.21 HKD | +0.32% | +0.48% | -55.38% |
Stocks mentioned in the article
Price
|
Change
|
5d. change
|
Capi.
| ||
---|---|---|---|---|---|
24,124 PTS | -0.07% | +1.70% | - | ||
22,678 PTS | -0.22% | +1.37% | - | ||
2,860 PTS | +0.11% | +2.02% | - | ||
810.3 USD | -1.22% | -0.35% | - | ||
7.272 CNY | +0.02% | +0.08% | - | ||
1.268 USD | -0.03% | +0.50% | - | ||
1.074 USD | -0.05% | +0.58% | - | ||
0.7309 USD | -0.02% | +0.18% | - | ||
0.6673 USD | +0.08% | +0.44% | - | ||
0.6077 USD | -0.07% | -0.03% | - | ||
0.012 USD | -0.00% | 0.00% | - | ||
EPS Revisions
Annual profits - Rate of surprise
1st Jan change | Capi. | |
---|---|---|
-55.38% | 364M | |
+25.82% | 439B | |
+39.58% | 290B | |
+14.78% | 149B | |
+13.37% | 96.26B | |
+21.86% | 87.11B | |
+67.93% | 62.47B | |
+8.66% | 44.37B | |
+11.73% | 33.11B | |
-15.07% | 30.18B |
- Stock Market
- Equities
- 3650 Stock
- News Keep Inc.
- Asian currencies tentative; focus on US PMI, Jackson Hole