ASIAN STOCKS TRACK BANK-LED LOSSES ON WALL STREET

RECAP: Asian stocks tracked losses on Wall Street yesterday, as worries about credit quality led to a rout in US regional banking shares. Concerns about trade tensions, a possible tech bubble and the US government shutdown also persisted.

- NUNTAWUN POLKUAMDEE

The SET index moved in a range of 1,266.38 and 1,299.43 points this week, before closing yesterday at 1,274.61 down 1% from the previous week, with daily turnover averaging 38.75 billion baht.

NEWSMAKERS: Gold prices hit another record high of $4,379.01 on Friday morning, supported by strong safe-haven buying amid escalating US-China tensions. Thai retail prices reached 67,700 baht per baht-weight (15.2 grammes) for jewellery, while gold bars were sold at 66,900 baht.

■ The US dollar fell for a fourth day, on track for its biggest weekly drop in more than two months, amid dovish signals from the Fed and worries about US regional banks.

■ US Treasury officials estimate a government shutdown extending beyond two weeks would cost the US economy up to $15 billion per week. Treasury Secretary Scott Bessent said the shutdown, which began on Oct 1, is already beginning to impact economic strength and efficiency.

■ The US budget deficit declined 2% to $1.78 trillion for the 2025 fiscal year ended Sept 30 as tariff revenue hit a record high, the Treasury Department said.

■ The White House is ready to ease tariffs on the US auto industry, a major win for carmakers who have lobbied to reduce the fallout from higher duties on parts. A programme that allows automakers to reduce what they pay in tariffs on imported parts will be extended for five years, sources said.

■ US President Donald Trump confirmed that trade tensions with China remain high, telling a reporter who asked whether the two countries are headed for a prolonged trade war: “Well, you're in one now.”

■ Shares of some US regional banks plunged on news of large write-downs of bad loans. Jefferies Financial Group said it had significant exposure to First Brands, an auto parts maker that has filed for bankruptcy.