Week17_The VN-Index continues to consolidate within the 1,200–1,240 point range

GLOBAL STOCK MARKETS
The stock market rebounded on optimism over tariff developments
Wall Street extended its winning streak to three consecutive sessions as investors grew more optimistic about signs of progress in global trade negotiations. The Dow Jones, S&P 500, and Nasdaq indices have narrowed their year-to-date (YTD) losses to 5.7%, 6.7%, and 11.1%, respectively. Prime Minister Trump appeared willing to adopt a less confrontational approach towards China, while the Treasury Secretary indicated that a trade agreement with South Korea could be reached soon. Meanwhile, commodity and cryptocurrency markets also rebounded, whereas gold prices declined after several weeks of gains.
- U.S. stock indices rose by an average of 5% as of April 25; the Stoxx Europe 600 (EU600) gained 2.9%, the Nikkei 225 advanced 2.7%, and the CSI 300 edged up 0.4%.
- The commodity index rose by 0.5%, with notable gains in metals (Copper +3.3%, Tin +3.7%), Urea +8%, and agricultural products (Coffee +7.6%, Cocoa +13%), while Gold declined by 3.9%.
- The DXY Index strengthened by 0.3%, and the U.S. 10-year Treasury yield fell by 0.1%.
In the Beige Book economic survey, the Federal Reserve reported that the economic outlook across multiple sectors had deteriorated significantly, largely due to heightened uncertainty, particularly surrounding new tariff policies. Manufacturing activity showed signs of stagnation or contraction in two-thirds of the Fed’s twelve districts. Tourism activity slowed, with a sharp drop in international visitors in some areas. However, the automobile market remained resilient, with sales ranging from moderate to strong in many regions, as consumers rushed to buy vehicles ahead of potential import tariffs. The survey, conducted before April 14, indicated that emerging uncertainties were already posing risks to the U.S. economy.
PMI UK, Japan, China, EU, US; GDP Canada, US; CPI Australia, EU; Interest rates, monetary policy minutes of Japan; Jobless claims, PMI, trade balance, consumer confidence index and US unemployment rate are the information to watch next week.

VIETNAM STOCK MARKET
VIC-led stocks continued to support the index
The VN-Index rose by 0.8% after a week of decline, with trading liquidity improving by 6%, primarily driven by bottom-fishing activities on April 22. Positive news from the annual general meeting (AGM) supported the rebound, with VIC-led stocks taking the lead. As the AGM season and Q1 earnings announcements are passing their peak, domestic ETF rebalancing and updates on trade negotiations are expected to significantly influence the market next week.
- The VIC group contributed 10.3 points to the index this past week, while most banking stocks posted declines. The number of advancing and declining stocks on the HoSE was relatively balanced. 
-Market breadth by sector showed a notable improvement, with 14 out of 18 sectors recording gains. Retail and food & beverage — sectors relatively insulated from tariff impacts — rose by 3% and 6.9%, respectively. Meanwhile, tourism & leisure and financial services declined by 3.5% and 2.1%.
- Foreign investors returned to net buying, with an inflow of USD 19 million, compared to a net outflow of USD 188 million the previous week.
The Standing Committee of the National Assembly held meetings from April 22 to 28 to review several important matters regarding the 2025 socio-economic development and budget plans. Five draft laws were also under discussion, notably the Law on Election of National Assembly and People's Council Deputies, the amended Enterprise Law, and amendments to the Laws on Bidding and Investment. Resolutions on key policies such as mechanisms to promote social housing development, a 2% VAT reduction for six months in 2025 and the full year 2026, and free tuition for preschool and general education (with an estimated budget of around VND 30 trillion) were also debated and are expected to be formally passed during the 15th National Assembly session opening on May 5, 2025.
Market volatility is likely to persist, offering opportunities for stock accumulation. However, investors are advised to maintain a balanced portfolio allocation to remain flexible amid potential short-term uncertainties.