China optimism spurs Asian shares higher

RECAP: Asian markets mostly rose again yesterday on optimism about the impact of China reopening on regional corporate performance, while the dollar remained under pressure after data showed a further slowdown in US inflation.

The SET Index moved in a range of 1,695.99 and 1,673.92 points this week before closing yesterday at 1,681.73, up 0.5% from the previous week, in daily turnover averaging 81.99 billion baht.

Institutional investors were net sellers of 5.76 billion baht, followed by retail investors at 5.68 billion, Foreign investors were net buyers of 9.96 billion baht worth of shares, followed by brokers at 1.46 billion.

NEWSMAKERS: US inflation slowed to 6.5% in December, the sixth straight monthly deceleration since a mid-2022 peak, leading some forecasters to predict the Fed could opt for a rate hike as small as 25 basis points when it meets on Feb 1.

• China’s exports shrank 9.9% year-on-year in December as global demand cooled, while imports tumbled as surging Covid infections and a property downturn weighed heavily on domestic demand.
• Chinese consumer inflation accelerated in December, driven by rising food prices, though at 1.8% it is still below the government target of 3%.
• Indonesia and Tesla are continuing talks, a senior minister said on Thursday, following a report that the US electric vehicle maker is nearing a deal to build a plant with a capacity of one million units in the country.
• Singapore-based Olam Group, one of the…