BSC Radar | 15.09 – 19.09: Updates on the Q3 2025 portfolio adjustments for foreign ETFs

GLOBAL STOCK MARKETS
3 Major US Stock Indexes Hit All-Time Highs After Inflation Report
The US Producer Price Index (PPI) report for August was surprising, showing a decrease of 0.1%, while the subsequent Consumer Price Index (CPI) rose by 0.4% month-over-month and 2.9% year-over-year. The core CPI, with a 3.1% year-over-year increase, was in line with Dow Jones forecasts. This, combined with signs of a weakening labor market (with claims reaching their highest since October 2021), provides evidence of a slowing US economy. This information reinforces the expectation that the Fed will cut interest rates in its September meeting, thereby supporting the market's rally.
- As of September 12, US stock indexes were up by an average of 1.6%, the EU Stoxx 600 +1%, Nikkei 225 +4.1%; and the CSI 300 +1.4%.
- The commodity index was down 0.7%. Precious metals maintained their upward momentum and set new highs (gold +1.5%, silver +3.2%). Agricultural products also rose (wheat +4.1%, corn +5.2%, potatoes +8%). Conversely, natural gas fell by 4.3%, coal by 5.7%, and lithium by 3.4%.
- The DXY index was down 0.1% to 97.6, while the US 10-year Treasury yield fell by 0.04% to 4.03%.
The ECB kept its interest rate unchanged at 2% in its meeting on September 11. This marks the second consecutive time the ECB has not changed rates following the cut in June. The organization stated that the inflation target and price outlook are stable, forecasting a CPI of 2.1% and a slight improvement in economic growth to 1.2% thanks to easing tariffs and a recovery in personal consumption. Experts believe the ECB will maintain a cautious approach and keep this interest rate for an extended period. Next week, the central banks of Canada, the UK, Japan, and the US will hold monetary policy meetings, with a high probability that the Fed will cut interest rates in its September meeting after holding them steady for five consecutive times.
Upcoming economic data and events: China's retail sales, industrial production index, and unemployment rate; Canada's CPI, interest rate, and monetary policy minutes; the UK's CPI, interest rate, and monetary policy minutes; the Bank of Japan's (BOJ) interest rate and monetary policy minutes; and the US's retail sales, jobless claims, interest rate, and the Fed's monetary policy minutes.

VIETNAM STOCK MARKET
Holding Support Level, VN-Index Rises Slightly in a Volatile Week
The VN-Index crossed its 20-day moving average to maintain a slight increase of 0.02%, with liquidity decreasing by 17% compared to the previous week's average. Large-cap stocks were clearly divided; however, bottom-fishing demand at lower price levels continued to support the index, helping it maintain a state of accumulation within the 1,614 – 1,696 point range.
The number of declining stocks still overwhelmed advancers, with 241 decliners versus 137 gainers. VIC and VHM played a supportive role, contributing 16 points to the VN-Index, which compensated for the losses from banking stocks.
11 out of 18 sectors declined, with banking, construction & materials falling by over 2%, while real estate and retail grew by over 4%. Many small and mid-cap stocks performed well after a strong selling-off period.
Foreign investors extended their net-selling streak, with a net value of $189 million, compared to the $182 million net sold during the previous holiday week.
At the regular September meeting, the Government called for a focus on achieving and exceeding the 2025 targets to create momentum for double-digit growth in 2026 and for the 2026-2030 period. Key objectives include promoting growth while maintaining macroeconomic stability, accelerating the disbursement of public investment, and strongly developing the private sector while diversifying export markets, goods, and supply chains. The resolution forecasts that the global situation will continue to be volatile and unpredictable. However, the entire political system is highly determined to implement the tasks for September and Q4 2025 to achieve the best possible results.
Investors are advised to maintain a significant portfolio allocation for medium-term investments, while also proactively rotating a portion of their portfolio according to cash flow movements within the peak accumulation zone and ahead of the upcoming ETF restructuring activities.