BSC Radar | 20.10 – 24.10: Update on new tariff policies following the implementation of corresponding counter-tariffs

GLOBAL STOCK MARKET
Risk-averse sentiment, precious metals posted strong weekly gains
The rally in the U.S. stock market was halted on October 16 as investors became more cautious amid rising concerns over bad debts in the banking sector, escalating trade tensions, and the prolonged U.S. government shutdown. The VIX index, a measure of market fear, rose to 25 — the highest level since May 2025 — while bond yields and the U.S. dollar declined, and precious metals surged sharply as a short-term psychological reaction.
- U.S. stock indices increased by an average of +1% as of October 17; EU600 declined -0.4%, Nikkei 225 dropped -1.5%, and CSI 300 fell -2.2%.
- The commodity index decreased -1.7%, mainly due to declines in energy prices (oil -3.5%, gas -6.1%); metals (steel -2.1%, lead -2.4%, tin -3.5%); agricultural products (sugar -2.5%, orange juice -6%); while precious metals maintained a strong upward trend (gold +8.1%, silver +6.8%).
- The DXY index fell -0.8% to 98.1, and the U.S. 10-year Treasury yield decreased 0.08% to 3.95%.
After the 10th vote, the U.S. Senate failed again to reopen the government as the Democratic Party opposed the proposal due to the lack of assurance on increased healthcare funding, extending the shutdown into its 16th day. As a result, the U.S. government will continue to be shut down at least until October 20. At the same time, U.S.–China trade tensions have heated up again after President Trump threatened to impose a 100% tariff starting November 1, following China’s decision to tighten control over rare earth exports. Earlier, both sides imposed reciprocal port fees on November 14. Although there remains room for negotiation, these developments also carry potential risks that could affect the stock market.
China’s Q3 GDP, industrial production index, retail sales, unemployment rate, and 1-year and 5-year loan prime rates; Canada and the UK’s CPI; the UK, Eurozone, and U.S. PMI; U.S. nonfarm payrolls, jobless claims, unemployment rate, existing home sales, and CPI are key data to watch next week.

VIETNAM STOCK MARKET
Capital flow remains narrow, VN-Index corrects after a strong rally week
Strong selling pressure in the final session pushed the VN-Index down 0.9%, accompanied by a 26% increase in trading liquidity. Liquidity improved positively for the second consecutive week; however, capital flow has yet to broaden and remains concentrated in a few key stocks. In addition, foreign investors continued to be net sellers, and the divergence among stocks during the Q3 earnings season weakened market momentum as the index attempted to break through the psychological resistance at 1,800 points.
- Declining stocks accounted for more than two-thirds of all stocks listed on the HoSE during the week. VIC marked its fifth consecutive week of gains, contributing 10.6 points to the index, while VJC and GEE both surged over 26%, adding another 9 points to the market’s advance.
- 12 out of 18 sectors declining. The industrial goods and services sector rose nearly 9%, real estate gained 2.5%, while information technology fell over 8% and insurance declined more than 6%.
- Foreign investors extended their net selling streak, offloading USD 187 million, compared to USD 204 million the previous week.
As of October 17, only 91 out of 1,666 listed companies across the three exchanges had announced their Q3 earnings results. Among the early reporters, many companies posted positive profit growth — notably VPB, VIX, GEE, and KSF, whose profits surged sharply, contributing to a 150% year-over-year increase in total market net profit and a 77% gain over the first nine months. On the other hand, VGC, HAX, and TDM reported profit declines compared to the same period last year. These initial results indicate a positive outlook, though many large-cap and VN30 companies have yet to release their earnings, meaning overall market growth figures may fluctuate significantly over the next 1–2 weeks.
The Q3 earnings announcements will remain the key focus of the market next week, likely driving strong divergence among stock groups. Investors are advised to consider reducing holdings during market rallies and accumulating again on pullbacks.