RECAP: Asian stocks gained and oil dipped Friday after US President Donald Trump withdrew his threat of further strikes on Iran and said a deal could be signed in the coming days, although Tehran said it had not reached a final conclusion.
The SET index moved in a range of 1,558.97 and 1,595.84 points this week, before closing yesterday at 1,592.41, up 0.6% from the previous week, with daily turnover averaging 64.25 billion baht.
Retail investors were net buyers of 13.57 billion baht. Foreign investors were net sellers of 6.03 billion baht, followed by institutional investors at 4.52 billion, and brokerage firms at 3.02 billion.
NEWSMAKERS: US inflation rose in May by the most in three years, at 4.2% year-on-year, boosted by surging energy prices, and giving the Federal Reserve more justification to keep interest rates unchanged into 2027.
The European Central Bank raised its policy rate by 25 basis points as expected to 2.25%, its first rate hike since 2023, aimed at mitigating inflation risks driven by high energy prices. It lowered euro zone growth expectations for this year to 0.8% from 0.9%. Growth is projected at 1.2% in 2027.
The US issued an updated list of Chinese companies that it believes are aiding the country's military -- including the e-commerce giant Alibaba, the search engine provider Baidu and the EV maker BYD.
Chinese exports rose more than expected, by 19.4% from a year earlier to $376.8 billion in May, thanks to AI-related exports. US-bound shipments logged the biggest jump in five years, at 35.4%.
China is preparing a 2-trillion-yuan ($295 billion) master plan to construct data centres nationwide over the next five years, aiming for 80% reliance on domestic Huawei chips.
The US producer price index rose 1.1% in May, lifting the annual rate to 6.5%, its highest since November 2022. China's PPI rose for a third month in May at 3.9%.
Bank Indonesia announced a 25-basis-point interest rate increase to 5.5% more than a week ahead of its scheduled meeting, citing "high global volatility" and concerns over currency stability. It followed another increase of 50 points three weeks ago.
Elon Musk's SpaceX raised the $75 billion it targeted in a hotly awaited initial public offering on Thursday, selling shares at $135 each, which valued the space, satellite and AI company at $1.77 trillion.
Mr Musk announced plans for a $55-billion AI chip plant called Terafab. The collaboration between SpaceX, Tesla and xAI aims to produce 100-200 billion chips annually.
OpenAI has filed paperwork for an IPO, setting up one of the most anticipated market debuts in years. Chief executive Sam Altman said the firm expected to go public "within the next year".
US exports rose 2.6% in April to $327.1 billion, fuelled mainly by oil and related products. Imports rose by 2% and the trade deficit contracted 1.2% to $55.9 billion.
The US has become the world's largest oil exporter, upending a decades-old order dominated by Saudi Arabia and Russia. US exports of crude oil and fuels climbed to 10.5 million bpd in May.
Germany's economy is likely to slip into a technical recession this year as an energy price shock derails a fragile recovery, the DIW economic institute said.
The People's Bank of China extended its gold-buying streak to 19 months in May. It added 320,000 ounces to official gold reserves, bringing the total to 75 million.
South Korea fined Coupang, the country's largest online retailer, a record 6257 billion won ($409 million), holding it accountable for a massive breach of customer data and accusing it of illegally collecting personal information.
A consortium of Petrovietnam Power, B.Grimm Power of Thailand and the Vietnamese contractor Lilama plans a $1.95-billion gas-fired power plant in central Vietnam. The 1.5GW Vung Ang III plant is scheduled to start generation in early 2031.
Thailand and Vietnam have set a target of lifting bilateral trade to $25 billion this year, an increase of 13% from 2025, with leaders pledging to accelerate economic cooperation during talks in Hanoi on Tuesday.
Jasmine International (JAS) has secured exclusive broadcast rights for Thailand for all Fifa events including two World Cups through 2030 in a deal worth 2.3 billion baht.
The Bank of Thailand expressed confidence in the baht's stability despite recent depreciation against the dollar amid heightened external uncertainties.
The consumer confidence index of the University of the Thai Chamber of Commerce dropped for a third straight month, to 49.5 in May from 50.6 in the previous month.
Refineries in Thailand have halved their crude imports from the Middle East to 30% of their total, shifting sources to Africa and the US, which has also lifted the country's fuel reserves to 10 days above normal levels.
The proportion of Thai consumers with no plans to buy a home within five years has risen to a four-year high of 56%, from 47% a year earlier, amid their concerns about the economy, said Siam Commercial Bank.
Foreign tourist arrivals in the week to June 5 fell 20% from a week earlier to 483,329, following the conclusion of long holidays in Malaysia and Singapore. Year-to-date arrivals are 14.5 million, down 2.9% year-on-year.
The government is preparing to approve a direct power purchase agreement (PPA) framework for 2,000 MW initially this month, while moving forward with a 500MW community solar programme.
Gulf Development, Thailand's largest energy company by market value and a major telecom operator, has announced plans to invest in new data centres with a combined capacity of 100 megawatts this year.
COMING UP: On Monday, the US releases industrial production data. On Tuesday, China reports industrial production, retail sales and unemployment; the US releases trade data; and Japan and Australia decide on interest rates. On Wednesday, the Federal Reserve announces a rate decision; the US reports retail sales, pending home sales and oil inventories, the UK releases inflation and housing updates, Russia releases quarterly GDP and the International Energy Agency releases a new oil market report. Rate decisions are due on Thursday from Brazil and the UK, and on Friday from Russia.
Locally, Tisco Securities discusses the second-half investment outlook on Monday.
STOCKS TO WATCH: Krungsri Securities is bullish on Thailand's power sector, citing progress in renewable energy policy, including a proposed 2,000MW direct power purchase agreement scheme and the second phase of the residential solar programme.
The brokerage expects GULF, GPSC, WHAUP and GUNKUL to benefit from new investment opportunities linked to data centres and solar rooftop adoption, while KBANK and KTB could gain from increased energy project financing.
InnovestX Securities expects Thai stocks to be supported by improving geopolitical sentiment next week, which could encourage sector rotation and support market stability. However, investors will closely watch the Fed meeting and interest rate projections, as a more hawkish shift could lift bond yields and pressure equities. The brokerage's top picks are WHA, CENTEL and BEM.
TECHNICAL VIEW: Kasikorn Securities sees support at 1,560 points and resistance at 1,625. InnovestX Securities sees support at 1,545 and resistance at 1,620.
