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☆ Thailand's Thaksin lauds 'disruptors' Move Forward for election triumph
▼ + stars: | 2023-05-16 | by ( Chayut Setboonsarng | ) www.reuters.com time to read: +3 min

Before Sunday's vote, Thaksin's populist political juggernaut had won every election since 2001, despite being ousted from office three times. Move Forward had strong appeal and organisation in university towns, Thaksin said, adding many young people convinced their parents to vote for Move Forward. "Pheu Thai got hammered because we did not disrupt ourselves enough. Move Forward's trend overcame Pheu Thai and the other parties that had money," he said. Thaksin also pledged loyalty to the palace and stressed Pheu Thai would not back any actions by Move Forward that would impact the monarchy.

☆ US dollar retreats from five-week high as debt ceiling stalemate weighs
▼ + stars: | 2023-05-15 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +4 min

In afternoon trading, the dollar index , which measures the greenback's value against six major currencies, fell 0.3% to 102.40. Earlier in the session, the dollar touched a five-week high of 102.75. Analysts have said many factors could be behind the dollar's recent strength, including concerns about U.S. inflation and safe-haven buying driven by fears about the debt ceiling standoff and global economic growth, as well as more hawkish rhetoric from Fed officials. Against the yen, the dollar was up 0.3% at 136.06, while sterling was 0.7% higher at $1.2527, rebounding after last week's 1.5% fall. It earlier jumped to 19.7 for the first time since March 10, when the dollar hit a record high of 19.8 on a volatile trading day.

The greenback took an early dive after data showed the New York Federal Reserve's Empire State manufacturing index plunged to -31.8 this month from a reading of 10.8 in April. "The things that have weighed on the dollar recently have not gone away, such as the debt ceiling, even though there has been some progress made." In late morning trading the dollar index , which measures the greenback's value against six major peers, fell 0.2% to 102.48. Analysts have said many factors could be behind the dollar's recent strength, including concerns about U.S. inflation and safe-haven buying driven by fears about the debt ceiling standoff and global economic growth. It earlier jumped to 19.7 for the first time since March 10, when it hit a record high of 19.8 on a volatile trading day.

SINGAPORE, May 15 (Reuters) - The U.S. dollar fell slightly from a five-week high on Monday after a period of strength that has confused analysts. The euro was up 0.27% against the dollar on Monday at $1.088, rebounding after falling 1.54% the previous week. That helped send the dollar index , which measures the greenback against six major peers, down 0.19% to 102.49. Alvin Tan, head of Asia FX strategy at RBC Capital Markets, said a pick-up in U.S. bond yields over the last two days had supported the currency. "If you remove the uncertainty around the debt ceiling situation, the sentiment has been turning bearish against the dollar," said Khoon Goh, head of Asia research at ANZ.

☆ Dollar rises to 5-week high on inflation worries; lira falls
▼ + stars: | 2023-05-15 | by ( Kevin Buckland | ) www.reuters.com time to read: +4 min

Worries over a debt-ceiling standoff on raising the U.S. government's $31.4 trillion borrowing limit also lent some support to the safe-haven dollar. "Now that the Fed is sort of out of the way, inflation in the U.S. has come in softer than expected. The Japanese currency dipped as low as 136.27 per dollar, and was last about 0.3% lower at 136.17 per dollar. The dollar was last up 0.28% at 19.635 Turkish lira after earlier jumping to 19.70 for the first time since March 10. The U.S. currency sank 0.72% to 33.735 baht in onshore Thai trading, and earlier dipped as much as 0.92%.

☆ Asian shares inch up as investors brace for China data, Fed speakers
▼ + stars: | 2023-05-15 | by ( Stella Qiu | ) www.reuters.com time to read: +5 min

The guarded optimism is set to extend to Europe when markets open, with pan-region Euro Stoxx 50 futures up 0.2%. Both S&P 500 futures and Nasdaq futures were mostly flat. China is due to report monthly industrial production, retail sales and fixed asset investment data on Tuesday. "However, with China's data throwing up a few concerns of late - we've seen poor import, PPI, and loan data - China's growth is very much at the heart of market moves," said Weston. U.S. crude futures fell 0.6% to $69.61 per barrel, while Brent crude futures were down 0.6% to $73.68 per barrel.

☆ Thai Q1 GDP grows 2.7% y/y, beats expectations
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: 1 min

BANGKOK, May 15 (Reuters) - Thailand's economy expanded 2.7% in the first quarter from a year earlier, official data showed on Monday, faster than expectations, as private consumption and tourism rebounded. On a quarterly basis, Southeast Asia's second-largest economy grew a seasonally adjusted 1.9% in the March quarter, data from the National Economic and Social Development Council showed. Economists in a Reuters poll had expected gross domestic product (GDP) to expand 2.3% year-on-year and 1.7% quarter-on-quarter. Reporting by Orathai Sriring, Kitiphong Thaichareon and Satawasin Staporncharnchai; Editing by Martin PettyOur Standards: The Thomson Reuters Trust Principles.

☆ Asian shares on edge for China data, Fed speakers
▼ + stars: | 2023-05-15 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

On Monday, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) wobbled between losses and gains and was last up 0.1%. China is due to report monthly industrial production, retail sales and fixed asset investment data on Tuesday. Very much on investors' mind was the uncertainty about lifting the U.S. debt ceiling and the return of bank worries. The yield on benchmark 10-year notes was little changed at 3.4588%, after rising 6 basis points on Friday, and two-year yields eased 2 basis points to 3.9830%, having also jumped 10 basis points in the previous session. U.S. crude futures eased 0.5% to $69.71 per barrel, while Brent crude futures were down 0.6% to $73.74 per barrel.

☆ Dollar hits 5-week high on inflation worries; lira drops, baht soars
▼ + stars: | 2023-05-15 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

"But the still-high inflation and tight labour market also imply a high bar to rate cuts in the near term too." The U.S. dollar is oversold and the dollar index should move toward CBA's end-June target of 104 this week, Capurso said. The Japanese currency dipped at low as 136.03 per dollar before last trading flat at 135.80. The dollar was last up 0.31% at 19.64 Turkish lira after earlier jumping to 19.70 for the first time since March 10. The U.S. currency sank 0.65% to 33.76 baht in onshore Thai trading, and earlier dipped as much as 0.92%.

☆ Thai opposition crush military parties in election
▼ + stars: | 2023-05-15 | by ( Reuters Editorial | ) www.reuters.com time to read: 1 min

PoliticsThai opposition crush military parties in electionPostedThailand's opposition secured a stunning election win on Sunday (May 14) after trouncing parties allied with the military, setting the stage for a flurry of deal-making over forming a government in a bid to end nearly a decade of conservative, army-backed rule. Angela Johnston reports.

☆ Thai opposition parties look to form government
▼ + stars: | 2023-05-15 | by ( ) www.cnbc.com time to read: +1 min

Thai voters seen casting votes during the General Election at a polling station on May 14, 2023. Thailand's political heavyweights were set for an intense round of deal-making on Monday after an election that delivered big gains for the opposition over parties allied to the military but with no clear indication of alliances taking shape. Sunday's election showcased an extraordinary surge by the progressive Move Forward party that almost had a clean sweep of the capital Bangkok, followed closely by the populist Pheu Thai party, which had been the dominant force in every Thai election this century. Between them the two opposition parties decimated parties with ties to the royalist army but it is far from certain the opposition will form the next government, with parliamentary rules drafted by the military after a 2014 coup skewed in favor of its allies. To govern, agreements may need to be struck with multiple camps, including rival parties and members of a junta-appointed Senate with a record of favoring conservative parties led by generals.

☆ Deals to be done as Thai opposition parties look to form government
▼ + stars: | 2023-05-15 | by ( Chayut Setboonsarng | ) www.reuters.com time to read: +4 min

Sunday's election showcased an extraordinary surge by the progressive Move Forward party that almost had a clean sweep of the capital Bangkok, followed closely by the populist Pheu Thai party, which had been the dominant force in every Thai election this century. Between them the two opposition parties decimated parties with ties to the royalist army but it is far from certain the opposition will form the next government, with parliamentary rules drafted by the military after a 2014 coup skewed in favour of its allies. To govern, agreements may need to be struck with multiple camps, including rival parties and members of a junta-appointed Senate with a record of favouring conservative parties led by generals. [1/2] Move Forward Party leader and prime ministerial candidate, Pita Limjaroenrat, looks up at the crowd during the general election in Bangkok, Thailand, May 14, 2023. Pita said on Sunday he was ready to partner with Pheu Thai but Paetongtarn Shinawatra, one of her party's prime ministerial candidates, said it was too soon to discuss.

Asia-Pacific markets are trading mixed after two out of three major U.S. indexes recorded a second straight week of losses, fueled by concern over the U.S. debt ceiling and disappointing economic data. U.S. President Joe Biden and congressional leaders postponed a meeting set for Friday to the following week. Australia's S&P/ASX 200 opened marginally lower, along with South Korea's Kospi and Kosdaq, which lost 0.24% and 1.02% respectively. Japan's Nikkei 225 was up 0.51%, with the Topix also 0.5% higher on Monday. Hong Kong's Hang Seng index looks set for a lower open, with contracts tied to the index at 19,421 compared to the HSI's last close of 19,627.

☆ Thailand opposition on course to crush military parties in election rout
▼ + stars: | 2023-05-15 | by ( ) www.cnbc.com time to read: +2 min

Thailand's opposition secured a stunning election win on Sunday after trouncing parties allied with the military, setting the stage for a flurry of deal-making over forming a government in a bid to end nearly a decade of conservative, army-backed rule. To rule, the opposition parties will need to strike deals and muster support from multiple camps, including members of a junta-appointed Senate that has sided with military parties and gets to vote on who becomes prime minister and form the next administration. Move Forward came top, followed closely by Pheu Thai, the preliminary results showed. He said he remained open to an alliance with Pheu Thai, but has set his sights set on being prime minister. "It is now clear the Move Forward Party has received the overwhelming support from the people around the country," he said on Twitter.

Investors are awaiting more tangible outcomes of Sunday's general election, after preliminary results showed the country's pro-democracy parties secured a strong majority. A calculation by Reuters based on data from the country' Election Commission suggests the anti-military Move Forward party, led by Thai businessman Pita Limjaroenrat, would win the most seats, followed by the Pheu Thai party. If confirmed, this would represent a resounding rejection of pro-military parties led by former prime minister Prayut Chan-o-cha, ending nine years of pro-military rule. The Pheu Thai party has put forward Paetongtarn Shinawatra — the daughter of former Thai prime minister Thaksin Shinawatra — as its candidate for prime minister, while Reuters reported that Limjaroenrat also has "set his sights set on being prime minister." First quarter GDPSeparately, Thailand's gross domestic product for the first quarter grew 2.7%% year-on-year, beating expectations of a 2.3% rise.

☆ Thailand elections: Opposition parties won a landslide in elections but forming a government is not guaranteed
▼ + stars: | 2023-05-15 | by ( Helen Regan | ) edition.cnn.com time to read: +8 min

Pheu Thai, the main opposition party that has been a populist force in Thailand for 20 years, came second. “This is an unmistakable frontal rebuke, a rejection of Thailand’s military authoritarian past. Move Forward’s predecessor the Future Forward Party won the third most seats in the 2019 election. In the short term, that decision ended the threat from the Future Forward Party. But some also went on to create the Move Forward party that swept to victory in the popular vote on Sunday.

☆ Political analysts, business groups react to Thailand election results
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +2 min

THITINAN PONGSUDHIRAK, CHULALONGKORN UNIVERSITY"The top two parties will be Pheu Thai and Move Forward. "Pheu Thai fought the wrong war, the populism war that it already won. That's the new battleground in Thai politics. KEN MATHIS LOHATEPANONT, UNIVERSITY OF MICHIGAN"Since 2001, Pheu Thai has won the largest number of seats at every election comfortably. After two decades, this certainty of Thai politics has been overturned.

☆ Thai Q1 GDP growth beats forecast
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +1 min

Southeast Asia's second-largest economy grew 2.7% in the January-March period from a year earlier, data from the National Economic and Social Development Council (NESDC) showed. Economists in a Reuters poll had expected gross domestic product (GDP) to expand 2.3% year-on-year in the January-March period after increasing 1.4% in the previous three months. On a quarterly basis, GDP rose a seasonally adjusted 1.9% in the March quarter, versus a forecast rise of 1.7%. Fourth quarter GDP in 2022 was revised to a 1.1% contraction, from a earlier 1.5% fall. The NESDC kept its 2023 GDP growth forecast at 2.7% to 3.7%.

The NESDC kept its 2023 GDP growth forecast unchanged at between 2.7% and 3.7%. It also kept its forecast for 2023 foreign tourist arrivals at 28 million. Thailand beat its tourism target in 2022 with 11.15 million foreign visitors. Pre-pandemic 2019 saw a record of nearly 40 million foreign tourists, who spent 1.91 trillion baht ($56 billion). The NESDC also kept its 2023 forecasts for goods exports to drop 1.6% and headline inflation to be between 2.5% and 3.5%.

☆ Record turnout projected as Thais vote in battle of old rivalries
▼ + stars: | 2023-05-14 | by ( ) www.cnbc.com time to read: +2 min

A voter casts their vote into a ballot box at a polling station on May 14, 2023 in Bangkok, Thailand. Thais were forecast to vote in record numbers on Sunday in an election expected to deliver big gains for opposition forces, testing the resolve of a pro-military establishment at the heart of two decades of intermittent turmoil. Elsewhere in the capital, prime ministerial hopefuls for the ruling party and opposition groups cast their votes, including incumbent Prayuth Chan-ocha and Pheu Thai's Paetongtarn Shinawatra. "People need change," Paetongtarn said after casting her vote, expressing "high hopes" for a landslide victory. In 2006 the military toppled Thaksin, who fled into exile.

☆ Thai PM candidate casts vote in marijuana-print shirt
▼ + stars: | 2023-05-14 | by ( ) www.reuters.com time to read: +1 min

The 56-year-old is the prime ministerial candidate for the Bhumjaithai Party, which has campaigned on a promise to promote medical marijuana after successfully pushing for the substance to be decriminalised last year. Without associated regulations in place, recreational use surged, angering the Southeast Asian country's conservatives. Anutin has promised that if re-elected, he will tighten regulations to curb recreational use and restrict cannabis use to medical purposes only. Anutin flashed a smile as he emerged from a voting booth and declined to answer reporters' questions about the symbolism of his shirt. Prayuth faces off against the populist platform of the opposition Pheu Thai party, backed by the billionaire Shinawatra family, which has won every election in Thailand since 2001.

[1/2] Move Forward Party leader and prime ministerial candidate, Pita Limjaroenrat, looks up at the crowd during the general election in Bangkok, Thailand, May 14, 2023. Move Forward has shaken the political landscape, long dominated by military-backed parties or the opposition Pheu Thai party driven by the billionaire Shinawatra family. Move Forward's charismatic prime ministerial candidate Pita Limjaroenrat was jubilant. A chunk of Move Forward's support has come from young voters, including 3.3 million eligible to vote for the first time. "I feel like my vote has improved the country," she said, dressed in orange, Move Forward's colour, at party headquarters.

☆ Factbox: Preliminary results of Thailand's election
▼ + stars: | 2023-05-14 | by ( ) www.reuters.com time to read: +2 min

[1/4] Move Forward Party leader and prime ministerial candidate, Pita Limjaroenrat, meets with the media members on the day of the general election in Bangkok, Thailand, May 14, 2023. REUTERS/Jorge SilvaBANGKOK, May 14 (Reuters) - Thailand's opposition parties Move Forward and Pheu Thai won the most seats in Sunday's election, paving the way for a challenge to the military-backed government, which has been in power for nearly a decade. Parliamentary seats are distributed based on 400 open constituency seats and 100 'party-list' seats - or seats won by parties based on their share of national votes. Below are preliminary results of Sunday's ballot, according to the Election Commission of Thailand, with 97% of the vote counted. The tabulation of party-list seats is based on a Reuters tally of voting data made available by the election commission.

☆ Thai candidates parade through Bangkok before Sunday vote
▼ + stars: | 2023-05-13 | by ( Chayut Setboonsarng | ) www.reuters.com time to read: +2 min

Prime Minister Prayuth Chan-ocha faces an uphill battle to retain power in Sunday's general election, with opposition parties including Pheu Thai and Move Forward surging in popularity, according to opinion polls. On the back of a bright red car, Paetongtarn Shinawatra and Srettha Thavisin - two prime ministerial candidates for Pheu Thai - waved to onlookers. "I would like to ask first time voters to choose Pheu Thai," Paetongtarn told reporters as she stepped off the vehicle. [1/7] Thailand's incumbent Prime Minister Prayuth Chan-ocha greets supporters at the United Thai Nation Party's (Ruam Thai Sang Chart Party) rally event ahead of the upcoming general election, in Bangkok, Thailand, May 12, 2023. Across town, a truck carrying members of Prayuth's United Thai Nation party stopped occasionally as supporters took selfies and gave flowers.

☆ Old rivalries, new battle as Thailand goes to the polls
▼ + stars: | 2023-05-13 | by ( Chayut Setboonsarng | ) www.reuters.com time to read: +4 min

[1/6] Electoral workers prepare ahead of the upcoming general election, in Bangkok, Thailand, May 13, 2023. The election again pits Pheu Thai's driving force, the billionaire Shinawatra family, against a nexus of old money, military and conservatives with influence over key institutions that have toppled three of the populist movement's four governments. We will change from a dictatorship to a democratically elected government," Paetongtarn told cheering crowds on Friday at Pheu Thai's final rally. The United Thai Nation of Prime Minister Prayuth Chan-ocha, who led the coup against Pheu Thai's last government, has pledged debt relief, cheaper electricity for low-income groups and subsidies for transport and crop harvesting. ($1 = 33.8500 baht)Reporting by Chayut Setboonsarng; Writing by Martin Petty; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

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