Group 1 - The Thai political turmoil has provided a temporary respite for the market, but underlying economic concerns continue to make investors cautious [1] - The SET index has seen a year-to-date decline of over 20%, making it one of the worst-performing stock markets globally [1] - The Thai economy is facing three main pressures: unresolved trade negotiations with the U.S., delays in the new fiscal budget and economic stimulus plans, and a significant drop in foreign tourist numbers [1][4] Group 2 - As of June, foreign institutional investors have net sold Thai stocks for nine consecutive months, with a total withdrawal of $3.9 billion [4] - The exit of the second-largest ruling party from the coalition government has led to further capital outflows from the Thai bond market, totaling $324 million [4] - Despite a potential valuation opportunity with the SET index trading at a 24.5% discount to its five-year average P/E ratio of 11.7, professional institutions remain cautious due to the dual pressures of political chaos and economic weakness [4] Group 3 - The Thai baht has shown signs of weakness against the U.S. dollar, indicating that market sentiment has not fundamentally improved [5] - The ongoing political deadlock and the need for structural reforms are likely to keep Thailand's economy in a state of uncertainty [5]

Core Viewpoint - The International Monetary Fund (IMF) projects Switzerland's economic growth rate to be 1.2% in 2026, highlighting significant risks, particularly external ones [1] Economic Outlook - Switzerland's economy is facing major risks, especially from external factors such as geopolitical tensions, fluctuations in energy prices, trade uncertainties, and tariffs [1]