Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Cross Asset Strategy

<ul><li>(-) US September core CPI is expected to rise to 2.50% from 2.40% in August, weighing on stock market sentiment today.</li><li>(-)Brent remains elevated amid concerns over tight oil supply due to Middle East tensions, supporting PTTEP, SPRC and BCP.</li><li>(+)The IMF raised its 2026 Thailand GDP growth forecast to 2.1%, reflecting indirect benefits through technology supply chains.</li></ul>

(-) US September core CPI is expected to rise to 2.50% from 2.40% in August, weighing on stock market sentiment today.(-)Brent remains elevated amid concerns over tight oil supply due to Middle East tensions, supporting PTTEP, SPRC and BCP.(+)The IMF raised its 2026 Thailand GDP growth forecast to 2.1%, reflecting indirect benefits through technology supply chains.

Decoding the Future of MENA Financial Markets, MENA Market Lab

Denis Collot

Decoding the Future of MENA Financial Markets

MENA Market Lab

Decoding the future of Middle East and North Africa Financial markets

<ul><li>GCC sees record remittance outflows in 2025. Iraq devalues its currency by 15 %.</li><li>Saudi’s non-oil PMI rebounds strongly. Qatar partners with Euroclear for its local debt.</li><li>UAE, domestic credit grows at 15 % y/y in August.</li></ul>

GCC sees record remittance outflows in 2025. Iraq devalues its currency by 15 %.Saudi’s non-oil PMI rebounds strongly. Qatar partners with Euroclear for its local debt.UAE, domestic credit grows at 15 % y/y in August.

<ul><li>(+) Hosting the 2026 IMF-World Bank meetings (October 12–18) should generate over Bt2bn in tourism-related spending.</li><li>(-) Russia has reached a diesel export deal, with 300k tonnes to be released immediately, rising to 500k tonnes in November.</li><li>(-)Thailand's September consumer confidence index fell for the first time in four months to 52.1 due to flooding.</li></ul>

(+) Hosting the 2026 IMF-World Bank meetings (October 12–18) should generate over Bt2bn in tourism-related spending.(-) Russia has reached a diesel export deal, with 300k tonnes to be released immediately, rising to 500k tonnes in November.(-)Thailand's September consumer confidence index fell for the first time in four months to 52.1 due to flooding.

Krungthai XSpring Zoom Eng. October 12, 2026

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>DC company share prices are rolling over, foreshadowing increasing pressure on their hyperscaler customers.  Since the July swoon in semiconductor stocks, the DC sector has underperformed both hyperscalers and semiconductors.</li>
<li>DC players face strong headwinds on multiple fronts, including high leverage/circular financing, supply chain delays, public opposition, and questions about aggressive forecasts of future compute demand.</li>
<li>Leverage is the most prominent risk in the DC sector, with questions looming about completion dates and customers' ability to meet their contracted offtake agreements.</li>
</ul>


DC company share prices are rolling over, foreshadowing increasing pressure on their hyperscaler customers.  Since the July swoon in semiconductor stocks, the DC sector has underperformed both hyperscalers and semiconductors.
DC players face strong headwinds on multiple fronts, including high leverage/circular financing, supply chain delays, public opposition, and questions about aggressive forecasts of future compute demand.
Leverage is the most prominent risk in the DC sector, with questions looming about completion dates and customers' ability to meet their contracted offtake agreements.


DATA CENTER SECTOR: From the Tip of the Spear to Canary in the Coal Mine

Director, Sentiment Matters

Lars Kreckel

Director

The mood of the market, mapped and decoded

Sentiment Matters

Investor sentiment is the overall mood of investors - how bullish or bearish they are on a market or asset.

Sentiment is part of every investor’s investment process. Whether for macro investors, stock pickers, or thematic investors, it matters whether a position is consensus or contrarian.

<ul>
<li>
Buy Side Sentiment Tracker: we aggregate asset-allocation views from 54 top asset managers across 73 assets, based on 1,400+ individual views.</li>
<li>
Bullish, but not extreme: Risk appetite is high and rising, yet equity downgrades and resilient sovereign demand show the Buy Side is far from universally risk-on.</li>
<li>
Max Contrarian: Infrastructure, Industrial Metals and Gold are most popular; Swiss Franc, Cash and Consumer Staples are least popular.</li>
</ul>



Buy Side Sentiment Tracker: we aggregate asset-allocation views from 54 top asset managers across 73 assets, based on 1,400+ individual views.

Bullish, but not extreme: Risk appetite is high and rising, yet equity downgrades and resilient sovereign demand show the Buy Side is far from universally risk-on.

Max Contrarian: Infrastructure, Industrial Metals and Gold are most popular; Swiss Franc, Cash and Consumer Staples are least popular.


Sentiment Matters: Buy Side Sentiment Tracker - October 2026

Saudi Arabia
Insights on Saudi Arabia

SET Index Outlook

(-) US September core CPI is expected to rise to 2.50% from 2.40% in August, weighing on stock market sentiment today. (-)Brent remains elevated...

Krungthai XSpring

Middle East FX, October 9nd 2026

GCC sees record remittance outflows in 2025. Iraq devalues its currency by 15 %. Saudi’s non-oil PMI rebounds strongly. Qatar partners with...

MENA Market Lab

Krungthai XSpring Zoom Eng. October 12, 2026

(+) Hosting the 2026 IMF-World Bank meetings (October 12–18) should generate over Bt2bn in tourism-related spending. (-) Russia has reached a...

Krungthai XSpring

DATA CENTER SECTOR: From the Tip of the Spear to Canary in the Coal Mine

The sudden plunge in demand for an Nvidia-backed data center company’s initial public offering is revealing fresh cracks in the AI funding boom....

David Mudd

Sentiment Matters: Buy Side Sentiment Tracker - October 2026

Buy-side sentiment is bullish and still rising, but not universally risk-on. Infrastructure, Industrial Metals and Gold lead; Swiss Franc, Cash and...

Lars Kreckel