Economic news review on May 30

The central exchange rate increased by 5 VND, the VN-Index decreased by 6.32 points or the sharp decrease in gasoline prices... are some notable economic news on May 30.

Economic news review

Domestic news

In the foreign exchange market on May 30, the State Bank listed the central exchange rate at 24,258 VND/USD, up 5 VND compared to the previous session.

The buying and selling prices of USD were kept unchanged by the State Bank of Vietnam at 23,400 VND/USD and 25,450 VND/USD, respectively.

On the interbank market, the dollar-dong exchange rate closed at 25,456 VND/USD, up slightly by 2 VND compared to the session on May 29.

The dollar-dong exchange rate on the free market increased by 25 VND for buying and 35 VND for selling, trading at 25,775 VND/USD and 25,865 VND/USD.

On May 30, the average interbank VND interest rate continued to decrease by 0.11 - 0.64 percentage points in all terms of 1 month or less compared to the previous session; specifically: overnight 3.40%; 1 week 3.97%; 2 weeks 4.50% and 1 month 5.0%.

The average interbank USD interest rate remained unchanged for short terms while decreasing by 0.01 percentage point for 1-month terms, trading at: overnight 5.27%; 1 week 5.32%; 2 weeks 5.38%, 1 month 5.41%.

Government bond yields in the secondary market increased in most maturities except for the 3-year maturities, which remained unchanged; closing at: 3-year 1.90%; 5-year 2.04%; 7-year 2.33%; 10-year 2.86%; 15-year 3.02%.

In the open market operations, on the mortgage channel, the State Bank of Vietnam offered VND5,000 billion for a 7-day term, with an interest rate of 4.5%. There were no winning and maturing volumes in yesterday's session. The State Bank of Vietnam offered 28-day SBV bills for an interest rate of 4.9 trillion VND, with an interest rate of 4.25 percent, and VND2,100 billion of maturing bills.

Thus, the State Bank of Vietnam withdrew a net VND 2,800 billion from the market, the volume of treasury bills circulating in the market increased to VND 64,640 billion, the volume on the mortgage channel remained at VND 81,766.82 billion.

In the stock market, investors were not very optimistic, causing stocks to fall across the board. At the end of the session, VN-Index fell 6.32 points (-0.50%) to 1,266.32 points; HNX-Index lost 0.14 points (-0.06%) to 244.01 points; UPCoM-Index fell 0.12 points (+0.13%) to 95.80 points. Market liquidity increased slightly compared to the previous session with a trading value of nearly VND29,600 billion. Foreign investors continued to net sell more than VND1,300 billion on all three exchanges.

Based on the world market developments, the Ministry of Industry and Trade - Ministry of Finance decided to simultaneously reduce gasoline prices sharply from May 30, 2024. Of which, RON95-III gasoline price decreased by 694 VND/liter, with a selling price not higher than 22,519 VND/liter; E5RON92 gasoline was adjusted to have a selling price not higher than 21,759 VND/liter (down 518 VND/liter), 760 VND/liter lower than RON95-III gasoline; 0.05S diesel oil has a selling price not higher than 19,747 VND/liter (down 90 VND/liter); kerosene: not higher than 19,931 VND/liter (up 29 VND/liter); 180CST 3.5S fuel oil: not higher than 17,538 VND/kg (up 25 VND/kg).

International News

The United States recorded many important indicators, notably the GDP results in the first quarter of 2024 were revised lower than the initial report. Specifically, the US Bureau of Economic Analysis (BEA) said that the country's GDP in the first quarter of 2024 increased by only 1.3% compared to the previous quarter, adjusted lower than the 1.6% increase according to the first statistical results, but still more positive than the adjusted forecast of 1.2%. This is the second consecutive quarter that US GDP has shown a slowdown, when the third quarter of 2023 increased sharply by 5.2% and the fourth quarter of 2023 increased by 3.2%.

Next, in the labor market, the number of unemployment benefits in the US in the week ending May 25 was 219 thousand, up slightly from 216 thousand the previous week and almost in line with the forecast of 218 thousand. The average number of applications in the last 4 weeks was 222.5 thousand, up slightly by 2.5 thousand compared to the previous 4 consecutive weeks.

Finally, in the real estate market, pending home sales in the US fell sharply by 7.7% month-over-month in April after rising 3.6% in the previous month, much deeper than the forecast 1.1% decline. Compared to the same period in 2023, April sales recorded a 7.4% decline.

Today, May 31, the market awaits information on the US core PCE consumer price index, the measure preferred by the Fed in assessing inflation. The April core PCE is forecast to increase 0.3% compared to the previous month, equal to the increase in March.

The Australian Bureau of Statistics (ABS) said building permits in the country fell 0.3% month-on-month in April after rising 2.7% in the previous month, against expectations of a further increase of 1.8%. Permits in April were down 3.5% year-on-year.

Source: https://thoibaonganhang.vn/diem-lai-thong-tin-kinh-te-ngay-305-152213-152213.html