Week 03_VN-Index retests the neckline of the old 2-peak model at 1,250 - 1,254 points

GLOBAL STOCK MARKETS
Positive information helped the US stock market increase well in the week before the President's inauguration day 
Improvements in core inflation in the December CPI report and positive earnings reports from major banks supported the US stock indexes to rise well. The DXY index and Treasury yields both fell, although markets could be volatile after the US President took office.
- US stock indexes rose by an average of 1.8%, EU600 +0.8%, Nikkei 225 -2.7%; CSI 300 +1.8%.
- Commodity index rose by 3%, energy (oil +3.6%, gas +4%), metals (Gold +1.1%, copper 3.3%, steel 4.3%, ..) all increased points.
- The DXY index and US 10y T-bond yield both fell -0.5% and -0.16% respectively after a series of weeks of gains.
US CPI in December increased by 0.4% mom, higher than the 0.3% forecast of experts and matching the forecast of 2.9% increase yoy. Core CPI increased by only 3.2% yoy, lower than the forecast and the previous month's increase of 3.3%. Housing prices, accounting for 1/3 of the CPI basket, increased by only 0.3% mom and 4.6% yoy, the weakest increase since January 2022 and a positive sign showing that housing cost pressure is cooling down. Along with that, President Trump's economic advisory group is studying the option of increasing taxes on a monthly basis, expected to be from 2% - 5% / month, which will also avoid shocking the market as the previously proposed scenario.
China's 1-year and 5-year interest rates, interest rates and minutes of the BOJ monetary policy; World Economic Forum from January 20 - 24; PMI UK, EU, US; US unemployment claims and President Donald Trump's inauguration are the news to watch next week.

VIETNAM STOCK MARKET
Market recovers from bottom, liquidity improves
VN-Index increased by 1.5%, recovering most of the points lost last week along with liquidity increasing by 24%. In the week of futures expiration, large stocks recovered significantly compared to last week, ending 2 weeks of decline.
- After a sharp decline, large stocks gradually recovered. 4/5 banking stocks contributed the most points to the market and 64% of stocks increased.
- The market is still diversified with 8/18 sectors decreasing, the sector movement is not clear.
- Foreign investors increased their net selling volume by 182 million USD, focusing on VIC shares after net selling 45 million USD last week.
Right after Resolution 01 was issued by the Government with a focus on GDP growth of at least 8%, striving for double digits; institutional breakthrough is the "breakthrough of breakthroughs"; completing the organizational structure and perfecting the synchronous strategic infrastructure. Resolution 02 proposes solutions to improve the business environment, reduce compliance costs, increase the number of new enterprises, remove legal obstacles to project implementation, improve the quality of conditional industries, remove bottlenecks in high-tech incentive policies, innovate specialized inspections of goods and improve the quality of business services. The policies were issued early and focused on areas that need improvement in recent years.
The holiday mentality will take place before the holidays, however, investors continue to consider increasing the proportion of stocks for the 2025 investment vision as recommended last week.