Tourism stumble risks perfect storm for reeling Thai markets

NS fans turn up for Crosby's homecoming | SaltWireSINGAPORE/BENGALURU - A shooting tragedy in a Bangkok mall adds to a double-whammy of rising rates and government spending worries that has hammered Thai assets and soured bets on the recovery of Asia's tourism giant.

Ten-year Thai government bond yields are now up 75 basis points in little more than three weeks, according to LSEG data, a move even larger than that in U.S. Treasuries. Thailand vowed to restore confidence in tourism in the wake of the shooting, in which two foreigners died, though stocks such as Central Plaza Hotel and Airports of Thailand were sold, sending the latter to a seven-month low.In ordinary circumstances lifting rates might have been expected to rally the currency, but as already higher U.S. rates have climbed further - amid a rout in global bonds - the baht has lost more than 2% on the dollar in a week.

In addition to fuel and farming subsidies, the plans seem at odds with the central bank's efforts to contain inflation and investors are nervous about additional supply in a falling bond market, at a time when global markets are jumpy and fragile.

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Tourism stumble risks perfect storm for reeling Thai marketsA shooting tragedy in a Bangkok mall adds to a double-whammy of rising rates and government spending worries that has hammered Thai assets and soured bets on the recovery of Asia's tourism giant. Thai tourism stocks slid 1.6% on Wednesday, dragging the benchmark index to its lowest since January 2021, while a stronger dollar sent the baht to an 11-month low. Foreign selling pressure has been building for weeks, with some $1.65 billion leaving Thai stock and bond markets since the start of September and coming to a head with a surprise rate hike and fiscal spending promises in recent days.
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