Despite proclamations that markets would open ‘normally’, Thai SET50 (stock market) futures are indicated to open -4.2% – its biggest drop since January’s collapse. Thai CDS are modestly wider (+5 to 130bps) but early Bhat weakness has been rescued back by a mysterious bidder (rumored to be the central bank by several traders). The last 2 times martial law was invoked – in an entirely non-coupy-coup-like manner – general market weakness was less than we have seen so far. Of course, the army has decided that in the interests of avoiding the « provocation of unrest and triggering fear » it will « ban the broadcast and distribution of news. » Nothing like a military-coup, that is not a coup, with total media censorship to encourage capital flows and maintain peace in the nation.
- *THAI SET50 INDEX FUTURES INDICATED 4.2% LOWER AT OPEN
- Baht Drops Most in Two Months as Thai Army…
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