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>(+) 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

Chief Economist, Aletheia Capital

Dr. Jim Walker

Chief Economist

Independent and original Asian investment research

Aletheia Capital

Aletheia Capital (HK) Ltd. (previously known as Asianomics) combines the extensive knowledge of its experienced team with technology and regulatory changes to disrupt Global Markets business in Asia. The firm is completely independent with no conflicts of interest either on Investment Banking advisory or Capital Markets execution.

Macroeconomics

<ul><li>Most of the Asian PMIs were above 50 boom-bust line, except the Philippines and Malaysia which were slightly below 50. Asian trade figures also showed a good story especially Korea which recorded 84% YoY growth in exports. Everything looks rosy but is that really the case? </li><li>The stock markets are out of whack with reality. There is still loads of money around and given passive investment, when certain stocks go up, that passive investment keeps buying the winners and selling the rest. Hence the reason that 430 out of the 500 stocks in the S&amp;P this year are down year to date. </li><li>The government bond market is in competition now with the tech sector for raising funds. Governments/central banks can print money, but that would exacerbate the problem. Please realise that's not a solution, but a catastrophic failure if it begins to happen again.</li></ul>

Most of the Asian PMIs were above 50 boom-bust line, except the Philippines and Malaysia which were slightly below 50. Asian trade figures also showed a good story especially Korea which recorded 84% YoY growth in exports. Everything looks rosy but is that really the case? The stock markets are out of whack with reality. There is still loads of money around and given passive investment, when certain stocks go up, that passive investment keeps buying the winners and selling the rest. Hence the reason that 430 out of the 500 stocks in the S&amp;P this year are down year to date. The government bond market is in competition now with the tech sector for raising funds. Governments/central banks can print money, but that would exacerbate the problem. Please realise that's not a solution, but a catastrophic failure if it begins to happen again.

Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 2 Oct 2026

<ul>
<li>
Treasuries Sentiment has turned sharply bearish, but not extreme. The SMA sits around the 30th percentile, still above its historical buy threshold.</li>
<li>
The underlying picture is mixed. Momentum and some speculative positioning are very bearish, while buy-side sentiment, options, analyst expectations and flows remain closer to neutral.</li>
<li>
This is not broad capitulation. Price action has been persistently poor rather than disorderly, leaving room for sentiment to deteriorate further before a stronger contrarian signal emerges.</li>
</ul>



Treasuries Sentiment has turned sharply bearish, but not extreme. The SMA sits around the 30th percentile, still above its historical buy threshold.

The underlying picture is mixed. Momentum and some speculative positioning are very bearish, while buy-side sentiment, options, analyst expectations and flows remain closer to neutral.

This is not broad capitulation. Price action has been persistently poor rather than disorderly, leaving room for sentiment to deteriorate further before a stronger contrarian signal emerges.


Sentiment Matters: US Treasuries Bearish, But Not Capitulation