On March 10, Silicon Valley Bank – a bank specializing in lending to startups – was closed by California officials. California bank officials have appointed the US Federal Deposit Insurance Corporation (FDIC) to manage Silicon Valley Bank’s assets. This is considered the largest bank collapse in the US since the financial crisis more than a decade ago.
This development caused financial markets to become chaotic. Yesterday, US stock indexes simultaneously went down. Other risky assets were sold off. Observers fear this could be a signal for bigger problems. US banks are facing the reality that the Fed has raised interest rates by 450 basis points in the past year to deal with inflation.
Brent and WTI oil prices continuously increased in the context of tight supply and expectations of increased demand in China. US crude oil WTI is currently approaching 81 USD per barrel. Yesterday, this oil price closed at a 5-week high, at 80.46 USD. Meanwhile, Brent oil price is currently 86.6 USD. Brent’s upward momentum has extended into the 6th session.
On the international market, gold prices closed the weekend session at 1,867 USD/ounce, up 15 USD/ounce compared to last weekend, because Silicon Valley Bank (SVB) collapsed, becoming bankrupt. Second largest bank in American history. Meanwhile, domestic gold prices went in the opposite direction. During the week, SJC gold price fluctuated slightly in the range of 100,000 – 200,000 VND/tael. Currently, the buying price of SJC gold bars is at 66.15 million VND/tael and the selling price of SJC gold bars is at 66.82 million VND/tael.
The stock market had an impressive week of increases despite bad developments in the world market, VN-Index increased28.23 points, up to 1,053 points. Open-ended stock funds still maintain performance compared to the market, have positive growth. The risk level of the portfolio is always maintained lower than the general market. In there, VNDAF stock fund certificates are having the best performance in the past week with an increase of 8.62%.
In the past week, bond funds have maintained stable profits with positive rates of return. Among them, DFVN-FIX bond fund certificates are having the best performance with an increase of 2.86%.