REGIONAL MARKETS DIP ON VALUATION CONCERNS

Asian equities declined yesterday after a rally in US stocks stalled amid concern that valuations have become stretched, especially for technology companies, following a relentless surge.

- NUNTAWUN POLKUAMDEE

The Thai market was dragged down by a plunge in shares of Delta Electronics, the bourse’s most valuable stock, after regulators imposed market surveillance measures following a record-breaking rally.

The SET index moved in a range of 1,282.47 and 1,317.88 points this week, before closing yesterday at 1,286.98, down 0.5% from the previous week, with daily turnover averaging 37.42 billion baht.

NEWSMAKERS: Global financial markets could tumble if investors’ mood sours on the prospects for AI or the independence of the US Federal Reserve, the Bank of England has warned. It said share valuations on US stock markets were similar to those seen near the peak of the dotcom bubble in 2000.

■Gold raced past $4,000 an ounce on Wednesday as investors piled into the safe-haven asset to hedge against economic and geopolitical uncertainties, while also betting on US interest rate cuts. Spot gold slipped back on Friday to around $3,970.

■US President Donald Trump said he is considering using tariff revenue to provide rebates to American citizens of $1,000 to $2,000 per person, with a portion applied to the government's $38-trillion debt. The US Treasury estimates such revenue at $500 billion annually.

■China has slapped new port fees on US ships and started an antitrust investigation into the chipmaker Qualcomm, the latest in a string of tit-for-tat moves as Presidents Xi Jinping and Donald Trump jockey for leverage before a key meeting to discuss trade and other issues.

■Orsted, the Danish renewable energy developer, said it would cut about 2,000 jobs, or around 25% of its workforce. The move was the latest sign of the diminished prospects for offshore wind, a low-emissions technology that Orsted helped pioneer.