This is an odd situation for Thailand and the ASEAN region.

On the bear side we have the increasing financial costs through rate hikes, (10 yr thai gov yield has gone from 2 to 3% this year), higher energy costs across the board, the lockdowns in parts of China and the US and the EU are coming off their stimulus sugar highs from 2H20 to 1H21.

On the bull side, Thailand and the region are opening up quickly and strongly which should see an increase in economic activity and every figure QoQ and YoY will only show great improvements.

So what to do? Fun times, still love my commodity names.

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