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Thailand, Another Quarter, Another Sigh
Here we are again, with nothing particularly good to report. Thailand's external economy is not particularly great, with merchandise exports generally following the rest of EM but the tourism sector already back in recession - and things are still hopelessly depressed at home. The credit cycle has ground to a halt; durable sales and construction activity are still contracting outright, and listed earnings are stuck at impaired levels. The only exception is official retail sales, and even there the numbers are highly suspect.
And as before nothing much to do in asset markets. We have no problem at all with the baht, but local yield and carry are low, and we're still waiting for convincing evidence of a domestic upturn that would bring us back to equities.
Thailand, Another Quarter, Another Sigh (PDF)
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