Japan · Bangkok Post
Markets bullish despite flare-up in Middle East
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Even though an Iran peace deal appears elusive amid new US strikes, stock sentiment remains convinced the conflict is winding down, which could push up the Thai bourse to 1,600 points by the end of the year, say analysts.
Key facts
- Even though an Iran peace deal appears elusive amid new US strikes, stock sentiment remains convinced the conflict is winding down, which could push up the Thai bourse to 1,600 points by the end of the year, say analysts.
- Yet Brent eased to $98.07 per barrel, down 1.52% after a nearly 4% surge in the prior session, while West Texas Intermediate fell 1.97% to $92.04 a barrel.
- Spot gold was down 0.4% to $4,486.26 per ounce and US gold futures for June delivery fell 0.4% to $4,485.70.
- Monitoring reports show 35 cargo ships passed through the Strait of Hormuz over the past 24 hours, which is the maritime transport route for more than 20% of the world's oil, roughly 17-20 million barrels per day, as well as liquefied
- With the numbers accelerating day by day and remaining stable above 50% of normal conditions, this signals energy, oil and gas prices are likely to soften, providing positive sentiment for global stock markets."
- Koraphat Vorachet, assistant managing director and head of research at Krungsri Securities, said despite the renewed attacks, markets see the war as "de-escalating".
Summary
Koraphat Vorachet, assistant managing director and head of research at Krungsri Securities, said despite the renewed attacks, markets see the war as "de-escalating".
Monitoring reports show 35 cargo ships passed through the Strait of Hormuz over the past 24 hours, which is the maritime transport route for more than 20% of the world's oil, roughly 17-20 million barrels per day, as well as liquefied natural gas.