INVX 18/9/2566 : Overweight Energy Prefer BCP PTTEP ( Outperform BCP PTTEP PTT OR vs Neutral IRPC SPRC TOP PTTGC vs Underperform ESSO)

: Research Prefer ADVANC BEM, positive 3Q'66 Earnings +q+y

: /it

: GS expected .Thai interest rate to hike another 0.25% in Sept.2023 vs China to cut more 0.25% RRR vs No more US Fed/ ECB

: GS 16/9/2023: MXAPJ rose 1%, led by Singapore, Taiwan (+3%), Korea and Australia (+2%), while Philippines (-2%), Hong Kong and China-A (-1%) underperformed.

: Sector : Info tech, Materials and Banks outperformed Property, Insurance, Utilities and Capital Goods.

: Asian FX were mixed with CNY strengthening (+1%) against USD on policy reactions.

: EM Asian markets saw strong foreign outflows, with only Taiwan receiving inflows.

: US core inflation picked up mom but headline CPI fell to 4.3% yoy. We continue to view another hike at the November FOMC meeting as unnecessary.

: For Europe, we expect no further hikes after the 25bp hike by ECB last week.

: In China, both CPI and PPI rose sequentially in August, with better than expected credit and activity data. PBOC announced a 25bp RRR cut to support liquidity demand, and we expect further policy easing in China.