THAILAND: Election Commission Says Paetongtarn Can Stay On As Pheu Thai Leader
Sep-12 10:05
The Election Commission (EC) dismissed a complaint against ex-Prime Minister Thaksin Shinawatra, accusing him of wielding undue influence over six political parties, and said that his daughter Paetongtarn Shinawatra can continue in her role as leader of the Pheu Thai Party (PTP) despite the ethics conviction that cost her the PM job.
- EC Secretary General Sawaeng Boonmee said that the complaint requesting the dissolution of six political parties parties has been rejected as they were able to demonstrate that their autonomy had not been compromised. However, the EC is still due to review a complaint accusing Thaksin of exerting influence over the PTP.
- Thaksin is currently undergoing mandatory COVID-19 quarantine after the Supreme Court ordered his return to prison for a one-year sentence, effective immediately.
- Sawaeng also noted that ex-PM Paetongtarn can stay on as PTP leader as the eligibility for the position was regulated by internal party rules. Earlier this week, PTP veteran Phumtham Wechayachai said that Paetongtarn was planning to continue in her role as long as party members deem it appropriate.
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FED FUNDS FUTURES: FFV5/X5 Spread Sold
Aug-13 10:00
FFV5/X5 ~2.9K given at -15.5.
US OUTLOOK/OPINION: Core PCE Estimates Ease To 0.25% M/M For July
Aug-13 09:56
- Yesterday’s CPI report has seen core PCE estimates for July center on 0.25% M/M (across eight analysts) vs a tentative 0.31% M/M prior to CPI (across five analysts).
- It implies a very similar pace to the 0.26% M/M in latest data for June and would see the Y/Y firm to 2.87% for its fastest since February.
- There’s a relatively narrow range of 0.22-0.28% considering PPI is still to come tomorrow.
- Wells Fargo: 0.22%
- JPM: 0.24%
- Nomura: 0.24% (vs 0.33 pre-CPI)
- NWM: 0.24%
- TDS: 0.25%
- UBS: 0.25% (vs 0.33 pre-CPI)
- GS: 0.26% (vs 0.31 pre-CPI)
- BofA: 0.28%
RIKSBANK: VIEW: Handelsbanken No Longer Expect August Cut
Aug-13 09:54
- “Our call for a Riksbank August rate cut has been challenged by high summer inflation prints. We believe this outweighs concerns over weak economic activity, leading us to expect the Riksbank to hold rates in August”.
- “Although some economic indicators have come in weaker than expected, this is unlikely to prompt immediate policy action in the current inflation environment. At its August meeting, the board also lacks updated staff forecasts, which may be needed to assess the outlook with enough confidence to look past the current inflation overshoot”.
- “A full report also offers additional scope to explain the rationale for a rate cut even as inflation remains elevated. Lastly, with the markets pricing a low probability – less than 10 percent – of an August rate cut, a pause could be in line with monetary policy and contribute to stability in turbulent times”.
- “We forecast that the Riksbank will deliver another rate cut in September to support economic activity and guard against inflation falling too far going forward”.
