MORNING NEWSLETTER, JULY 17: U.S. Macroeconomic Data Gives the Fed More Room to Delay Interest Rate Hikes

Detailed Report

Macroeconomic News:

• U.S.: Initial jobless claims in the U.S. came in at 208K, compared to a forecast of 217K.
• United States: U.S. retail sales for June 2026 rose 0.2% from the previous month, in line with forecasts and matching the increase seen in May.
• United States: U.S. pending home sales in June fell sharply by 5.4%, far worse than expected.
• Middle East: Tensions have resurfaced following recent U.S. airstrikes.
• Vietnam: The Prime Minister has just issued Directive No. 29/CT-TTg dated July 16, 2026, on accelerating the implementation of tasks related to science, technology, innovation, and digital transformation in 2026.
• Vietnam: Deputy Prime Minister Pham Gia Tuc: Urgently finalize the documentation to adjust the investment policy for the Ninh Thuan Nuclear Power Project.
• Vietnam: On the afternoon of July 16, the Ministry of Industry and Trade and the Ministry of Finance jointly announced adjustments to retail prices for petroleum products, effective as of 3:00 p.m. that same day.
• Vietnam: Ho Chi Minh City aims to become the financial hub of Southeast Asia.
• Vietnam: At its second meeting held on the morning of July 16, the National Wage Council agreed on a plan to adjust the minimum wage for 2027, with an increase of 7.8%, corresponding to a rise from 340,000 to 390,000 VND per month. The increase is expected to take effect on January 1, 2027.
• Vietnam: Ho Chi Minh City proposes converting abandoned resettlement housing into social housing.
• Vietnam: Central exchange rate rises; bank USD rates remain below the permitted ceiling

Market News:

• A VARS report shows that housing supply increased by 50% in the first half of the year, but new apartments remain primarily in the high-end and luxury segments.
• FPT: FPT wins bids for 14 projects worth at least 3,600 billion VND.
• PNJ: PNJ has hired an international firm to conduct a comprehensive audit of its entire diamond supply chain.
• REE: Foreign shareholders aim to increase their stake to nearly 45% of REE’s capital.
• PXL: Long Son Oil and Gas Industrial Park Investment Joint Stock Company reported a profit of 380 million VND in the second quarter; its cumulative profit for the first half of 2026 was 720 million VND, representing 57.2% of the annual target.
• BFC: Binh Dien Fertilizer (BFC) is set to pay a 2025 cash dividend at a rate of 35%.
• DGC: Duc Giang Chemicals (DGC) has extended the construction timeline for the Duc Giang Nghi Son Chemical Complex project.
• BVB: Ahead of its listing on the Ho Chi Minh Stock Exchange (HOSE), BVBank raised its 2026 profit target to 1,000 tỷ đồng following a first-half profit of 500 tỷ đồng.
• TRC: Tay Ninh Rubber (TRC) continued to post strong business results in the second quarter of 2026, with after-tax profit rising more than 20% year-over-year, despite a slight decline in revenue.
• MWG: The Gioi Di Dong (MWG) has set the record date for its cash dividend, with 1,500 tỷ set to be distributed to shareholders.
• EVS: For the first six months of the year, EVS reported pre-tax profit of 46 billion VND, up 411% compared to the same period in 2025.

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Source: BIDV Securities (BSC)