Stay up-to-date on economic and investment news with CP Business Watch.
“CP Business Watch” created by the Economic and Investment Center. To presents news, articles, and in-depth analysis that are useful to the company’s executives and employees. Complementing the business and investment decisions of the Charoen Pokphand Group, and also providing knowledge and understanding of macroeconomic trends and investments for use in strategic business planning
GLOBAL MACROECONOMICS
Fed Task Gets Tougher, Putting 75-Basis-Point Hike Back in View. (Bloomberg)
- US Inflation is now at a 40-year high, the CPI increased 8.6% after rising 8.3% in April.
- Investors increased bets on a 75-basis point hike after data Friday showed CPI growth accelerating to a fresh 40-year high.
- Powell will hold a press conference after the conclusion of the Fed’s meeting on June 22-23. He’s already paved the way for 50 basis point increases this month and next and said officials will keep pushing until they see “clear and convincing” evidence prices are cooling.
THAI MACROECONOMICS
Energy Minister Wants to Cut Oil Refinery Margin. (Bangkok Post)
- Energy authorities are considering imposing a price cap on oil sold by Thai refineries to better control energy inflation, with ongoing measures to tackle the problem scheduled to end this month.
- The Energy Ministry formed a working panel to study how to narrow what is known as the oil refinery margin, which normally averages two baht a litre but has risen to five baht a litre in recent months, said Energy Minister Supattanapong Punmeechaow.
SOUTH KOREAN TRUCKERS STRICK
Impact of strike by South Korean truckers on autos and ports. (Reuters)
- Some 7,500 members, or about 35% of South Korean truckers were on strike for a sixth day, as fuel costs surge, disrupting production, slowing port operations and posing new risks to a strained global supply chain. At Busan port, which accounts for 80% of the country’s container activity and is the world’s seventh-biggest container port, traffic was down to a third of normal levels. At Incheon port, it has fallen to 20% of normal levels while Ulsan port stopped.