Global markets fluctuate: From the new Fed to the SET crisis caused by the DELTA variant

1. The new Fed policy ends the inflation control battle, market expects more aggressive rate cuts

The decision to appoint Kevin Hassett as the new Federal Reserve Chair is creating a wave of new expectations in the financial markets. Signals indicate that this change may lead to a more dovish monetary policy in the second half of this year, which will clearly support risk assets worldwide.

Fundamentally, the U.S. economy continues to show signs of strength, with markets closely watching the release of non-farm employment figures (NFP). Many analysts expect the data to come in at around 55,000 jobs, which, if confirmed, will affirm that the economy is landing softly. Additionally, global energy control measures and public debt management remain key issues influencing economic movements.

2. Bitcoin at a crossroads: testing support at $90,000 before soaring higher

The cryptocurrency market is entering a phase of cautious adjustment and accumulation. Currently, compared to the price of $96.72K, Bitcoin initially tested a psychological support zone at $90,000-$91,500, which is a critical turning point to determine the medium-term trend direction.

Top-tier financial institutions like Bernstein and RBC support bullish views, seeing the current correction as merely preparation for the “Tokenization Supercycle,” a period when real assets will be converted into tokens and integrated into blockchain, expected to fully unfold by 2026 with a long-term target price of $150,000. Therefore, maintaining Bitcoin’s price above $90,000 is crucial for determining the next turning point.

3. Gold surges towards $5,000 amid central bank fears and foundation support

Gold prices are actively seeking a destination, recently moving between $4,440 and $4,580 per ounce. The main drivers are concerns over the sustainability of the dollar’s value and geopolitical financial threats.

Major global commercial banks, including HSBC, have raised their gold price targets to $5,000, expecting to reach this level within the first half of 2026. This outlook is based on the trend of central banks worldwide accelerating gold accumulation to reduce reliance on the dollar. Gold has become a strategic asset in modern portfolios to hedge against policy and currency risks.

4. Thai stock market dips sharply, led by DELTA: Fragile structure, SET in cautious stance

The Thai stock index (SET Index) closed down 27.22 points at 1,253.60. However, the decline was not driven by widespread economic issues but by panic selling of DELTA shares following news of a large volume of stock being sold at prices below market value.

DELTA’s stock price dropped 12% due to this pressure. Given its significant market share, the decline of DELTA alone was enough to pull the SET index down by 15 points. This figure reflects the vulnerability of the Thai stock market structure, which heavily depends on the movements of a few large stocks. Additionally, foreign investors sold Thai stocks net worth over 3,700 million baht, adding further pressure on market confidence.