STOCKS FALL, OIL JUMPS AFTER ISRAELI STRIKES ON IRAN

RECAP: Stocks fell in most Asian markets yesterday and oil prices jumped as investors rushed to safe-haven assets after Israel attacked Iran's nuclear sites in a major escalation of tensions in the Middle East.

- NUNTAWUN POLKUAMDEE NAREERAT WIRIYAPONG

Besides fresh geopolitical risks, Thai stock face pressure from a cloudy political situation and concerns about the economic outlook.

The SET index moved in a range of 1,118.59 and 1,145.19 points this week, before closing yesterday at 1,122.70, down 1.2% from the previous week, with daily turnover averaging 35.16 billion baht.

Retail investors were net buyers of 973.73 million baht, followed by foreign investors at 263.92 million. Institutional investors were net sellers of 1.09 billion baht, followed by brokerage firms at 149.70 million.

NEWSMAKERS: Oil prices surged 13% in the immediate aftermath of Israel's strikes against Iran, before easing back on Friday. Brent topped $78 a barrel at one point in the biggest intraday jump since March 2022, following Russia's invasion of Ukraine.

■ A US appeals court agreed to allow President Donald Trump to maintain most of his tariffs on China and other countries, extending a pause granted shortly after a lower court ruled the import taxes were illegal.

■ Trump said the US and China had agreed to extend their trade truce until mid-August, setting tariff rates at 55% and 10%, respectively. The deal included guarantees that Chinese students could continue to study in the US, and guarantees from China on rare earth supplies.

■ Trump has reiterated the prospect of the US unilaterally assigning tariff rates to countries that are unable to reach trade agreements with Washington before the current moratorium ends on July 9.

■ The World Bank cut its 2025 global growth forecast to 2.3%, from 2.7% expected in January, reflecting trade tensions. It sees the global recession risk in 2025 as less than 10%, considered low.

■ US consumer inflation was 2.4% year-on-year in May, up from 2.3% in April but below a forecast of 2.5%. This raised market expectations that the Federal Reserve will make two rate cuts of 25 basis points each, in September and December.