Global Economic News: Thailand Central Bank, Meituan Shares, South Korea Markets, New Zealand Rates, Australia Inflation, Major Stock Indexes, Oil Market, Retail Stocks, IPO Pipeline – Latest Updates!

Thailand’s central bank held its benchmark interest rate at 2.5% for the first time since August 2022. The Bank of Thailand’s decision was expected by economists, but marked the first pause in eight meetings. The Thai baht strengthened marginally against the U.S. dollar after the announcement. On the other hand, the Chinese delivery firm Meituan’s Hong Kong-listed shares plunged over 11% to a 44-month low as it warned of slower Q4 growth. South Korean stocks are considered undervalued and underloved, but Goldman Sachs is predicting the highest earnings growth in 2024 in the Asia-Pacific region from Korea’s Kospi benchmark index. Additionally, the New Zealand dollar jumped 1% after the Reserve Bank of New Zealand warned of more potential rate hikes. On the other hand, Australia’s inflation rate for October slowed more than expected, coming in at 4.9% compared with the 5.2% expected by economists. Meanwhile, the three major indexes are on track to record major monthly gains, with the Dow up 6.9%, S&P 500 up 8.6%, and Nasdaq up 10.8%. Oil prices rebounded Tuesday amid speculation about OPEC production cuts, and retail stocks were also outperforming. Additionally, the initial public offering (IPO) market has picked up recently as interest rates stabilize and the stock market rallies into the year end.