Week 37_VN-Index decreased after the holiday_20240910

GLOBAL STOCK MARKETS
The S&P 500 declined for three consecutive sessions on account of weakness in technology stocks.
Investors are dumping risky assets in response to negative labour market statistics and concerns about the economy's outlook. Stock indices fell considerably alongside commodities indexes, DXY, and US bond yields. 
- The US stock market fell by 3.0% on average, EU600 - 2.7%, Nikkei 225 - 6.1%, and CSI 300 - 2.6%.
- The commodity index fell by 2.9%, owing primarily to a 5.8% decline in oil prices and a 6.5% decrease in steel and other metals.
- The DXY index is down 0.7%, and the US TP 10-year is down 0.18 percent.
ADP report, US private enterprises only recruited 99 thousand workers compared to 111 thousand in July and Dow Jones' forecast of 140 thousand. This number is the lowest in the past 3.5 years and is a clear sign of weakness in the labor market. The market is predicting that the FED will cut at least 0.25% again at the September 17-18 meeting, the only problem is to see how quickly and drastically the FED acts. The world's second economy is also considering reducing mortgage interest rates by 80 points, worth 1/3 of China's GDP, in an effort to support the troubled real estate market. Policies to support the economy are gradually coming together, after a period of divergence among major countries.
CPI, new loans, M2 China; Industrial production index, UK GDP; CPI and US Unemployment Claims; Interest rates and the ECB monetary policy report are noteworthy information next week.

VIETNAM STOCK MARKET
Faced with negative developments in the international market, VN-Index decreased after the holiday period
VN-Index decreased by 0.8% compared to last week due to negative psychological effects from international stock market developments. The market showed signs of balance in the last session of the week with a number of key stocks.
- The banking industry continues to differentiate. VCB, MBB, VPB contributed largely to the decrease, on the contrary, VHM, VNM, CTG, and BID increased, helping the market soon balance.
- The market has 16/18 sectors decreasing. The oil and gas, basic resources, and technology sectors decreased by over 2% while real estate and healthcare increased by over 1.8%.
- Foreign investors net sold 48 million USD, a slight increase compared to last week's net sale of 32 million USD.
Before the VN-Index formed a definite trend, investors continued to ramp up trading activity, considering taking partial profits in rising sessions and buying back in weaker periods.
The industrial production index in August and August increased by 8.5% and 8.6%, respectively; investment capital from the state budget increased by 1.3% and 2%yoy; FDI increased by 7% yoy; 8-month budget revenue increased by 17.8% yoy; total sales and service levels increased by 8.5% yoy; total import-export turnover increased by 13.5% yoy, resulting in a surplus of 19 billion USD; and the average CPI increased by 4.04%. Overall, the macroeconomy remains stable, and growth components continue to strengthen. Previously, the Prime Minister encouraged ministries, agencies, and localities to push administrative procedure reform, improve the investment environment, eliminate obstacles, and strive for a GDP growth rate of 7% to create a premise for the year 2025 and the period 2026-2030.