BSC Radar | 03.11 – 07.11: Framework for an Agreement on Reciprocal, Fair, and Balanced Trade between Vietnam and the U.S

GLOBAL STOCK MARKETS
U.S. market fluctuates ahead of multiple key developments this week
After stabilizing following Fed Chair Powell’s statement of uncertainty regarding a rate cut in December, U.S. stock markets fell on October 30 due to weakness in technology stocks during the earnings season. However, the market showed divergence with gains coming from banking and healthcare stocks. Trade tensions eased after the U.S.–China leaders’ meeting, which had not yet significantly impacted the market but did influence certain commodities.
- U.S. stock indices rose an average of +0.8% as of October 30, EU600 -0.2%, Nikkei 225 +6.5%, CSI 300 -0.4%.
- The commodity index decreased -1.3%, due to lower oil (-2.1%), gold (-2.6%), and a sharp decline in agricultural commodities except soybeans (wood, orange juice, sugar, cocoa -4% to -11%), while coal +4.5%, gas +2.4%, metals (lithium +6.8%, iron ore +3.4%), and agriculture (soybeans +4.8%) increased. Commodity market fluctuations were closely linked to information from the U.S.–China summit.
- The DXY index increased +0.5% to 99.5, while the U.S. 10-year Treasury yield rose 0.08% to 4.1% following the Fed decision.
The Fed continued to cut interest rates by 0.25% to 3.75%–4% in the October meeting, and announced the end of the quantitative tightening program effective December 1, 2025. The Fed also acknowledged uncertainty due to the lack of statistical data caused by the government shutdown. The statement expressed caution about the economic situation, noting that the economy expanded at a moderate pace, job growth slowed, unemployment rose slightly, and inflation increased compared to the beginning of the year and remained at a relatively high level. Fed Chair Powell warned of uncertainty regarding a December rate cut. Traders’ bets on a December rate cut dropped from 90% to 68% according to the CME FedWatch tool.
PMI data from Canada, Japan, the EU, and the U.S; interest rate decisions and monetary policy minutes from the Reserve Bank of Australia and the Bank of England; U.S. non-farm payrolls, jobless claims, and unemployment rate; Vietnam’s October macroeconomic indicators.

VIETNAM STOCK MARKET
VN-Index declines for the third consecutive week as stocks diverge sharply during ETF rebalancing week
The VN-Index fell 2.6%, accompanied by a 27% decline in liquidity. The market moved lower under the heavy drag from VIC group stocks, while banking stocks showed mixed movements amid the Q3 earnings season. The index remains in a reaccumulation phase after a short-term correction with narrowing liquidity.
- The decline breadth narrowed compared to the previous week, with only 58% of stocks falling. Stocks in the VIC group reversed after several weeks of gains, contributing 43 out of 43 points to the market’s overall decline. The market exhibited strong divergence, with capital flows rotating into some mid- and small-cap stocks as well as previously declining stocks.
- 7 out of 18 sectors declined. The Real Estate sector dropped nearly 10%, while Financial Services, Retail, Travel & Leisure, and Industrial Goods & Services declined more than 2%. In contrast, the Chemicals and Information Technology sectors rose strongly by 6–7%.
- Foreign investors extended their net selling streak, with USD 59 million in outflows compared to USD 162 million last week, showing a gradual slowdown in net selling activity over recent weeks.
As of October 31, across the three exchanges, 961 out of 1,666 listed companies (58%) recorded net profit growth in both Q3 and 9M YoY, at +33.9% and +30.3%, respectively. 14% of companies reported losses in Q3, while 35% showed negative growth. VGI, CTG, VPB, VCG, and VIX led in terms of absolute profit improvement. All 30 VN30 stocks grew 17.5% QoQ, while all 27 banks grew 24.4% QoQ. However, VN30 and banking stocks showed weaker profit improvement compared to the overall market. The Q3 earnings season has essentially concluded, with most large-cap companies having released results. Market-wide net profit increased 33.9% QoQ, marking four consecutive quarters of growth above 20%, thereby improving overall market valuation.
The market remains in a reaccumulation trend during this short-term correction phase, with strong divergence creating opportunities in certain sectors and stocks. Investors should consider short-term trading strategies, buying on dips and selling on rebounds, particularly in stocks with positive Q3 results and solid annual outlooks.