MORNING BULLETIN, MAY 13: U.S. CPI for April 2026 Rises Sharpest Since May 2023

Detailed Report

Macroeconomic News

• U.S.: April 2026 CPI rose 3.8% year-over-year, higher than the 3.3% rate from the previous month and exceeding economists’ forecast of 3.7%. Core CPI—excluding food and energy prices—rose 2.8% year-over-year. This figure was higher than the 2.7% forecast and up from the previous month’s 2.6%.
• Iran maintains a hardline stance, leaving open the possibility of increasing uranium enrichment levels.
• The Navy of the Islamic Revolutionary Guard Corps (IRGC) announced a significant expansion of Iran’s strategic defense capabilities in the Strait of Hormuz, while warning that it would not tolerate any actions infringing on its territorial waters or national interests.
• Germany: Soaring energy prices have pushed the inflation rate to 2.9%, the highest level since January 2024.
• South Korea plans to begin collecting taxes on cryptocurrency trading profits starting in January 2027.
• BofA Global Research and Goldman Sachs have pushed back their forecasts for the Fed’s rate cuts, citing persistent inflationary pressures due to surging energy prices and the resilience of the U.S. labor market.
• Bloomberg: Economists predict the European Central Bank (ECB) will raise interest rates twice this year, as the conflict between the U.S. and Iran pushes inflation higher.
• Vietnam and China are making breakthroughs in strategic infrastructure connectivity, prioritizing railway cooperation.
• Vietnam is currently at the highest warning level under the U.S. Section 301 mechanism and faces the risk of an investigation being initiated. In light of this development, the Vietnam Association of Seafood Processors and Exporters (VASEP) has issued a warning to businesses exporting to the U.S. market.

Market News

• VN-Index: fell to the 1,875 level before rebounding in the afternoon session and closing at 1,901.10 points, up nearly 6 points. Capital is primarily rotating across sectors in search of short-term profits; the trend remains unclear. The market is seeking a new equilibrium.
• United States: U.S. stocks edged lower on May 12 as the tech sector faced profit-taking pressure and oil prices continued to surge, amid market reactions to April’s inflation report, which came in higher than expected.
• The Ministry of Finance announced that the first activities of Vietnam’s official cryptocurrency market will begin as early as the third quarter, with service providers regulated by state agencies to ensure market safety and transparency.
• The State Securities Commission (SSC) has issued a directive to securities firms, requiring them to strengthen monitoring and oversight of securities professionals’ activities on social media, as investment analysis and recommendations are becoming increasingly prevalent on platforms like Facebook, Telegram, and TikTok…
• Phu Hung Fund Management Joint Stock Company has recently been granted a certificate to publicly offer fund shares (IPO) for the PHFMVNSHINE ETF.
• FOX: does not meet the criteria for a publicly listed company. FPT Telecom stated it will implement appropriate measures to address this situation
• DBC: Plans to pay a 15% dividend for 2025
• REE: Seeks to increase its ownership stake to 39.12% in Su Pan 2 Hydropower (SP2).
• CMG: Restructuring the Technology and Solutions Division, aiming to lead in AI transformation

View other reports & investment recommendations here.

Source: BIDV Securities (BSC)