The Russian Ruble depreciated as foreign exchange earnings from energy exports decreased, while imports increased as companies built new supply chains. Currently the exchange rate is about 73.8 rubles per USD. This is the lowest level since April 2022.
The world is hoping that China’s economic rebound will support global growth and repel the risk of recession. However, economists warn that this may be less effective than governments and businesses expect because the country itself is in trouble and people are still reluctant to spend.
Last week, world gold prices plummeted after US economic data was released, raising the prospect that the Fed would return to a more conservative stance to bring inflation back to its target level of 2%. World gold prices decreased by 1.3% compared to last week, closing the weekend session at 1,842.2 USD/ounce. Meanwhile, domestic gold prices continuously fluctuate up and down. Overall for the week, SJC gold price decreased by 150,000 – 350,000 VND/tael. Currently, the buying/selling price of SJC gold bars is at 66.35 – 67.17 million VND/tael. Other types of gold jewelry were stable during the weekend session, simultaneously standing still in both directions of trading.
The stock market had a cautious trading week, VN-Index increased slightly by 4.01 points compared to last week to 1,059.31 points. Open-ended stock funds still maintain performance compared to the market, the risk level of the portfolio is always maintained lower than the general market. In there, SSISCA stock fund certificates are having the best performance over the past week with an increase of 7.18%.
In the past week, bond funds have maintained stable profits with positive rates of return. Among them, VCBF-FIF bond fund certificates are having the best performance with an increase of 1.67%.