REGIONAL SHARES ADVANCE AFTER WALL STREET RALLY

RECAP: Most Asian stocks edged higher yesterday, riding a tech-driven rally on Wall Street, while mounting expectations for a US interest rate cut next month prompted investors to rotate back into riskier regional assets.

- NUNTAWUN POLKUAMDEE NAREERAT WIRIYAPONG

Thai shares dipped further after the Constitutional Court removed Paetongtarn Shinawatra from the premiership. Analysts, however, believe the ruling has eased political uncertainties, with Thailand heading towards a new election next year.

The SET index moved in a range of 1,236.61 and 1,268.13 points this week, before closing yesterday at 1,236.61, down 1.3% from the previous week, with daily turnover averaging 48.96 billion baht.

Retail investors were net buyers of 7.18 billion baht, followed by institutional investors at 2.46 billion. Foreign investors were net sellers of 8.44 billion baht, followed by brokerage firms at 1.2 billion.

NEWSMAKERS: US President Donald Trump claimed he would soon have a “majority” of his own nominees on the Federal Reserve board of governors who will back his desire to slash interest rates.

■ Fed governor Lisa Cook has sought a court injunction to stop Trump from firing her pending a ruling on whether he can legally do so. The firing, part of Trump’s push to exert control over the central bank, would be the first in the Fed’s 111-year history.

■ Fed governor Christopher Waller said he now supports a series of interest-rate cuts beginning in September, with subsequent moves to be driven by the incoming data.

■ Trump warned that he might impose tariffs of up to 200% on China if Beijing does not export rare earth magnets to the US. The two countries’ current trade “truce” which reduced import tariffs to 55% in the US and 32% in China, will expire in mid-November.

■ The US raised tariffs on India to 50% in multiple categories including gems, textiles, seafood and automotive parts, as Delhi continues to buy Russian oil. While smartphones, pharmaceuticals and energy equipment were not affected, Barclays estimated 70% ($55 billion) of India’s exports to the US are under serious threat.