RECAP: Asian stocks nudged higher yesterday while the dollar was firm, keeping the yen rooted near five-month lows in thin year-end trading. China's plans for massive bond issuance in 2025 also bolstered investor sentiment. The SET index moved in a range of 1,366.71 and 1,410.02 points this week, before closing yesterday at 1,401.46, up 2.7% from the previous week, with daily turnover averaging 30.83 billion baht. Institutional investors were net buyers of 3.1 billion baht, followed by foreign investors at 1.5 billion. Retail investors were net sellers of 3.4 billion baht, followed by brokerage firms at 1.2 billion. NEWSMAKERS: Chinese policymakers plan to sell a record 3 trillion yuan ($411 billion) worth of special treasury bonds in 2025, triple the 2024 figure, in a move aimed at bolstering the slowing economy. Policy support late this year has put the Chinese economy on track to hit a growth target of around 5%, officials said on Thursday. They also announced a 2.7% upward revision in 2023 GDP to 129.4 trillion yuan ($17.7 trillion). The World Bank has raised its forecast for China's economic growth in 2025 to 4.5%, from 4.1% predicted earlier, but warned that subdued household and business confidence, along with headwinds in the property sector, would keep weighing it down. US consumer confidence unexpectedly sank in December for the first time in three months, falling to 104.7, on concerns about the outlook for the economy amid uncertainty about the policies of the incoming Donald Trump administration. US retail sales rose 3.8% between Nov 1 and Dec 24, as last-minute shopping was brisk amid intense holiday season promotions, a Mastercard report showed on Thursday. The jump was well above the 3.1% increase seen in the same period last year. The Bank of Japan could see a net loss of up to 2 trillion yen ($12.7 billion) in fiscal 2027 or 2028 if it raises its short-term policy rate, now 0.25%, to 2%, according to an estimate published by the central bank. India expects the economy to grow at around 6.5% in the fiscal year through March, against 8.2% a year before, after the economy slowed unexpectedly in the July-September quarter. Average housing rents in Chinese cities slid to a four-year low last month due to supply gluts and job market weakness. In 100 major cities in China, rents averaged 2,636 yuan ($361) per 100 square metres, the lowest since 2020, data from the research firm Wind shows. Nippon Steel of Japan says there is public support for its proposal to acquire US Steel in the regions where the steel mills are located. A US foreign investment committee has referred the decision on the $15-billion deal to President Joe Biden, who has until Jan 10 to decide. He and successor Donald Trump have both expressed opposition to the purchase. Honda Motor and Nissan Motor on Monday signed a basic agreement to pursue merger talks, envisioning a new entity being listed by August 2026. Mitsubishi Motors, 24.5% owned by Nissan, also signed the agreement and will likely be part of the group. Toyota Motor said global sales were down 0.2% to 984,348 units in November on lacklustre demand and a pause in production at two plants. Production declined 9.4% year-on-year to 966,921 units. Toyota plans to build an EV factory in Shanghai for its luxury Lexus brand, Nikkei reports, at a time when many foreign automakers are struggling in China. The factory is expected to open in 2027. Alibaba has agreed to merge its South Korean operations with the online platform of Seoul-based E-Mart. Meanwhile, AliExpress International and the Korean platform Gmarket are creating a 50-50 joint venture that will own 100% of Gmarket. The new entity could be valued at $4 billion. Russian companies have begun using Bitcoin and other digital currencies in international payments following legislative changes that allowed such use in order to counter Western sanctions, Finance Minister Anton Siluanov said. Turkey's central bank on Thursday lowered interest rates for the first time in almost two years after consumer inflation showed signs of easing. The one-week repo rate was cut to 47.5% from 50%, the first change in eight months. Uber Technologies said it remained committed to Taiwan after the island's antitrust regulator rejected its plan to buy the local Foodpanda business of Delivery Hero for $950 million. China Eastern Airlines will launch the first commercial cross-border service operated by the China-built C919 passenger jet between Shanghai and Hong Kong on Jan 1. The Ministry of Finance needs to propose a new candidate for Bank of Thailand chairman, after the Council of State found Kittiratt Na-Ranong ineligible. The government's legal adviser said he was disqualified because he recently held a political post as an adviser to ex-premier Srettha Thavisin. The Thai banking sector is expected to experience its first loan contraction in 15 years in 2024, driven by higher repayments by borrowers and tighter lending rules, according to Kasikorn Research Center. The Association of Investment Management Companies has placed CP Axtra (CPAXT) shares on a watch list for Thai ESG and Thai CG mutual funds, given concerns over governance following its recent multibillion-baht investment in an affiliate's property venture. The cabinet on Tuesday endorsed an agreement between the central bank and the Ministry of Finance to keep the inflation target in a range of 1% to 3% for 2025. Car production in Thailand fell 28.2% in November to 117,251 units due to weak sales and exports, the Federation of Thai Industries said on Tuesday. The year-on-year drop was the 16th straight month that production had declined. Thailand's manufacturing production index dropped 3.58% in November from a year earlier, the industry ministry said on Friday, missing analysts' forecasts. Thai exports are on track to achieve a historic high of US$300 billion this year, up 5.2% from 2023, the Ministry of Commerce said on Wednesday. Shipments reached $25.6 billion in November, marking the fifth consecutive month of growth with an 8.2% year-on-year gain. The Thai Food Processors Association expects the ready-made food market in 2025 to continue to grow by 5-7%, especially in competitively priced products that can compete globally, but warned of unclear US tax increases and their potential impact on Asean. The Excise Department is studying a tax on salt, initially planning to impose it on snack foods, after success in modifying sugar consumption behaviour through a sugar tax. The cabinet this week approved economic stimulus measures, including a second phase of the 10,000-baht handouts to senior citizens in January, and the Easy e-Receipt 2.0 programme running from Jan 16 to Feb 28. The latter allows consumers to deduct up to 50,000 baht in approved spending from taxable income. The national wage committee approved minimum wage increases to 400 baht a day in Phuket, Chachoengsao, Chon Buri, Rayong and Koh Samui, and to 372 baht in Bangkok and surrounding areas. Other provinces will see a 2% increase from the current range of 330 to 370 baht. The government had pushed for a 400-baht rate nationwide, but the committee said that was unrealistic. The Tourism Authority of Thailand estimates tourism revenue over the year-end holiday period from Dec 28 to Jan 1 at 62 billion baht, with 4.41 million domestic tourist trips and 1.56 million foreign visitors. The Thai General Insurance Association expects total insurance premiums in 2025 to grow between 1.5% and 2.5%, better than this year, supported by increased vehicle registrations, e-commerce logistics growth, the ageing society and tourism recovery. PTT Oil and Retail Business Plc (OR) will allocate 60.4 billion baht for new investments between 2025 and 2029, aiming to maintain its status as a top oil retailer, support non-oil businesses and embark on more investment overseas. COMING UP: On Monday, the US releases monthly pending home sales and China reports manufacturing and composite purchasing managers' index (PMI). On Tuesday, the US reports and the monthly house price index and the American Petroleum Institute reports US crude oil inventories. On Thursday, the US reports manufacturing PMI and price updates. On Friday, Germany releases unemployment data and the US reports the weekly Baker Hughes oil rig count, a leading indicator oil production and demand. STOCKS TO WATCH: Bualuang Securities says tourism-related stocks have strong growth opportunities for 2025. AOT will see increased flight activity, driven by the opening of a new terminal and runway at Suvarnabhumi Airport. CENTEL is a top pick in the hotel sector. Its share price is down 19% this year, reflecting temporary impacts from hotel renovations and startup costs for a new Maldives resort. The company is projected to achieve 11% profit growth in 2025. Among other hotel players, AWC is expected to post 17% profit growth in 2025, driven by a hotel revenue recovery. Earnings for MINT are projected to grow 8%, with potential upside if debt restructuring progresses faster than anticipated. Krungthai XSpring recommends stocks in the services, retail and financial sectors for 2025. CPN and CPALL are well-positioned to capitalise on robust consumer spending and favourable economic conditions. BDMS is recommended in healthcare for strong fundamentals and a resilient performance. Recommended finance plays are KBANK, SCB, TTB and KKP as they are poised for growth, benefiting from rising US bond yields. BLA has strong potential to capitalise on favourable economic and financial trends. Both securities firms emphasise the importance of strong fundamentals and the potential for growth in sectors aligned with global economic recovery and consumer demand in 2025. TECHNICAL VIEW: Trinity Securities sees support at 1,390 points and resistance at 1,455. CGS International Securities (Thailand) sees support at 1,385 points and resistance at 1,420.Incoming US President Donald Trump has asked the US Supreme Court to delay a potential incoming TikTok ban so he can weigh in after he takes office - and has declared himself "one of the most powerful, prolific, and influential users of social media in history." In a major move that would have sent shockwaves throughout the social media industry, the United States' number one court was set to pass a law in mid-January that would have banned the China-owned app that is now dominating teenagers' online lives. The ban was scheduled to take effect just one day before Trump was set to take office for the second time on January 19, 2025. In a 25-page brief filed with the court, Trump asked the nine justices for a stay on the deadline so his administration could “pursue a negotiated resolution” that would “obviate the need” for the justices to issue a ruling on the case. The US Congress passed a bipartisan law back in April of this year, that set a nine-month deadline for the Chinese company that owns TikTok to rid itself of its interest in the app or see it banned from American app stores. Trump's lawyers maede a filing to the court today, and said the president-elect was known for "consummate deal-making expertise." They appeared to be arguing that Trump could negotiate a resolution that would save TikTok from having to be banned while also addressing the US's national security concerns. They said Trump had the "political will" to do this. Congress's bill highlighted numerous national security concerns over the harvesting of US teens' data and influence on US society. Trump has 14.7million followers on TikTok, himself. He had seemed to support the idea of a ban on TikTok and appeared to come close to making it happen in his first term in office. But he has since appeared to have changed his mind and met with TikTok's CEO earlier in December, being quoted as saying he had a "warm spot" in his heart for the app. Trump could ask his Department of Justice to ignore the law passed by Congress or could try to strategically get the law's interpretation reworked. Meanwhile, his lawyers argue he has been given a mandate by votes to protect their right to free speech - and that this includes TikTok users. The filing says: "Moreover, President Trump is one of the most powerful, prolific, and influential users of social media in history. Consistent with his commanding presence in this area, President Trump currently has 14.7 million followers on TikTok with whom he actively communicates, allowing him to evaluate TikTok's importance as a unique medium for freedom of expression, including core political speech."