Asia-Pacific Markets Mixed; Thailand Election Results in Focus as Baht Strengthens
Asian markets are mixed after Wall Street sees a second straight week of losses. The Dow is down more than 2 percent this week and is on track for its worst December since the Great Depression.
The mainland Chinese market was mixed, with a 0.55% decline. The price is down by 0.35%. The S&P 500 fell for the second week in a row, falling 0.29% on a weekly basis and down 1.11% on a monthly basis. Thailand's Gross Domestic Product for the First Quarter will be released on Monday morning. China will release a number of economic statistics on Tuesday, including industrial production, retail sales and fixed asset investment growth. Reuters surveyed economists who predicted that industrial production would grow by 10,1% on an annual basis in April, after showing growth of 3,9% the previous month. CNBC Pro: UBS bets on European banks rather than automakers at the moment. The investment bank identified three structural changes which could lead to significant gains in banking stocks over automotive stocks, despite similar economic cycles.
According to the investment bank, one of the stocks has a potential upside of more than 60% over the next twelve months.
On Friday, 17 stocks of the S&P 500 index reached new highs. Many were trading at record highs. Last trading, it was down by more than 1% to $26,416.31. Bitcoin has ended the last six trading days lower or with a gain of less than 1%. --Jeff Cox