Trump Loses Election; Global Trade and Investment Landscape Unchanged; Concerns Over AI, Data Centers Impact Tech Stocks; Potential Slowdown in Thai Exports Next Year; Fed May Raise Interest Rates in December.

Key summary

The U.S. election results, with Donald Trump losing in both the House and Senate, have not significantly altered the landscape of global trade or investment. The current economic situation is similar to 2019, when Trump was still pursuing trade wars with China. While the Democratic party is now in control of the legislature, which could lead to issues such as the debt ceiling and potential government shutdowns. Investors are concerned about stricter regulations on AI and data centers that the Democratic party may implement, following a period of deregulation by the Republican party. The potential impact on Thailand includes slower growth in exports of semiconductors and electronic components due to a high base from the current year, and a greater emphasis on clean energy policies. The Bank of Thailand (BOT) expects the Federal Reserve to raise interest rates at least once in the first half of next year, due to inflation remaining above 3%. Uncertainty regarding the war and potential attacks on Iran remains.