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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
THAILAND
The S&P Global manufacturing PMI for December improved to 52.5 from 51.1 the previous month, the highest in 3 months, driven by increased production growth and optimism about the outlook. The headline index had been above the breakeven 50-mark for all of 2022. However, demand softened while price pressures worsened. The latter is likely to mean that the BoT hikes rates 25bp again at its January 25 meeting.
- S&P Global notes that production was increased to meet existing orders but new orders contracted for the third consecutive month, signalling a slowdown in output ahead. International demand, inflation and economic conditions all weighed on new business. Despite this business confidence rose above its 2022 average in December.
- The increase in inventories also dampens the production outlook, as output exceeded sales in December. But lead times rose due to shipping issues.
- Employment contracted as businesses tried to reduce costs. S&P Global commented that businesses reported that they faced an increase in the cost of raw materials, energy and transport. Input price inflation rose marginally in December and as a result businesses passed on some of these costs to customers and output inflation rose further.
Thailand S&P Global manufacturing PMI vs output y/y% 3mma
Source: MNI - Market News/Refinitiv/S&P Global
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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