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May 18th - Despite the Middle East conflict driving up energy and living costs, Thailands economy unexpectedly accelerated in the first quarter, demonstrating surprising resilience. Thailands National Economic and Social Development Council (NEDC) said on Monday that the countrys GDP grew by 2.8% year-on-year in the quarter ending March, exceeding expectations. In a statement, the council said that Thailands better-than-expected growth was driven by improved government spending, investment, and exports, while private consumption remained stable. This growth means that Thailand, a perennially lagging economy, is growing at a rate comparable to the Philippines first-quarter growth. However, its growth rate still lags behind other Southeast Asian economies such as Singapore, Vietnam, Malaysia, and Indonesia.On May 18th, at 00:21, a 5.2-magnitude earthquake struck Liunan District, Liuzhou City, Guangxi Province, with a focal depth of 8 kilometers. A second earthquake of magnitude 3.3 occurred at 07:41. As Guangxi is an important source of zinc raw materials, according to SMM, the earthquake has not affected the production of zinc smelters, and all enterprises are operating normally.On May 18th, Fu Linghui, spokesperson, chief economist, and director of the Department of Comprehensive Statistics of the National Economic Bureau, stated at a press conference held by the State Council Information Office that the booming cultural tourism and sports events have become new highlights in the development of service consumption, with related service retail sales maintaining rapid growth. Data shows that from January to April, retail sales of tourism consulting and rental services, transportation services, and cultural and sports leisure services all maintained double-digit growth, significantly faster than the overall growth rate of service retail sales.May 18 - According to Lebanese sources on the 18th, between midnight on the 17th and early morning on the 18th, the Israeli Defense Forces used missiles to attack a building in the suburbs of Baalbek in eastern Lebanon, killing Wael Abdul Halim, a commander of the Palestinian Islamic Jihad, and his daughter. Search and rescue teams are currently at the scene looking for survivors.On May 18, Fu Linghui, spokesperson, chief economist, and director of the Department of National Economic Comprehensive Statistics of the National Bureau of Statistics, stated at a press conference held by the State Council Information Office that although the impact of the Middle East geopolitical conflict continues to escalate, international energy market volatility has increased, and the stability of global industrial and supply chains has been impacted, my country has maintained overall stable industrial production, continued its transformation and upgrading, and unleashed the vitality of innovative development, demonstrating strong resilience, thanks to its complete industrial system, strong supporting capabilities, and the support of domestic energy green transformation.

S&P 500 Remains Under Pressure As Traders Stay Cautious

Cory Russell

Dec 08, 2022 15:49


Tesla Stock Is Still Under Severe Stress

The S&P 500 made an attempt to settle above 3960 after recovering from session lows near the level of 3915 as the stock market sought to regain stability following the recent pullback. S&P 500, however, remained below 3960 and moved closer to 3930.


Although the yield on 10-year Treasuries tested new lows near 3.40%, stocks were not significantly helped by this development.


Concerns about the demand for the company's vehicles caused Tesla to decline by more than 3%. Morgan Stanley reduced its iPhone estimate, which caused Apple to decline by more than 1%.


As the sell-off in the oil markets continued, pressure on the energy stocks persisted. Oil services companies took the lead in the retreat. Halliburton


From a broad perspective, traders are still concerned about a possible global recession. At the same time, it is important to remember that the safe-haven U.S. dollar has risen significantly from its yearly lows and that Treasury yields have sharply declined in recent weeks.


It is unclear if traders will be willing to take on more risk before the Fed meeting. The market might therefore continue to be choppy in the coming trading sessions unless investors discover a significant catalyst that would spark a significant move.

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