1- Market information.
On September 1, 5 banks, including Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB), Agricultural Bank of China (ABC), announced to lower deposit interest rates from 5-25 basis points (0.05-0.25%). Some medium-sized banks in China, such as Industrial Bank and China Bohai Bank, also announced they will reduce deposit interest rates from today, from 10-25 basis points. This move is part of a plan to revive the crisis real estate market.
BRICS announced its decision to invite 6 countries to join the bloc, including Argentina, Egypt, Iran, Ethiopia, Saudi Arabia and UAE. Their membership will be effective from January 1, 2024. The new bloc will represent 46% of the population, accounting for 29% of the world’s gross domestic product (GDP) in nominal terms and 37% of global GDP in terms of purchasing power parity (PPP).
Money supply in the Eurozone fell for the first time since 2010 amid sluggish lending to the private sector and falling deposits. Economists warn that this financial tightening will lead to a deeper slowdown of the economy in the near future – according to the Financial Times.
2- Gold market
Last week, world gold prices had a positive trading week after a series of weak economic data reinforced the prospect that the Fed would stop raising interest rates. Closing the trading session at 1,939.6 USD/ounce, an increase of nearly 1.3%. Domestically, SJC gold prices fluctuated in the same direction, increasing from 100,000 – 350,000 VND/tael. Specifically, DOJI Group is listing the buying and selling price of SJC gold at 67.45 – 68.25 million VND/tael.
3- Stock fund certificates
The stock market had a quite positive trading week, increasing in the last session of the week. For the whole week, VN-Index increased 40.68 points (3.44%), to 1,224.05 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, VESAF stock fund certificates are having the best performance since the beginning of 2023 up to now at 33.06%.
4- Bond fund certificates
In the past week, bond funds have maintained a stable profit level with a positive rate of return of over 4%. Among them, DFVN-FIX bond fund certificates are having the best performance level from the beginning of 2023 until now is 7.9%.