MORNING NEWSLETTER, JULY 31: BoE Keeps Interest Rate at 3.75% at July Meeting

Detailed Report

Macroeconomic News:

• United States: Preliminary U.S. Q2 GDP grew 1.5% q/q (forecast: 2.1%; previous: +2.1%). Consumer spending in Q2 rose 3.2%, compared to 0.5% in the previous quarter.
• United States: PCE Index for June 2026: +3.7% y/y (forecast: +3.7% y/y; previous: +4.1% y/y). PCE excluding food and energy for June 2026: +3.3% y/y (forecast: +3.3% y/y; previous: +3.4% y/y). Seasonally adjusted personal consumption expenditures for Q2 2026: +3.2% q/q (forecast: 2.3% q/q; previous: 0.5% q/q).
• EU: Preliminary GDP for Q2 2026: +1 y/y (forecast: 0.5 y/y; previous: +0.5 y/y). Preliminary Q2 2026 GDP: +0.4% q/q (forecast: 0.2% q/q; previous: 0% q/q). Unemployment rate for June 2026: 6.3% (forecast: 6.2%; previous: 6.3%).
• Japan: Tokyo Core CPI for July 2026: +1.9% y/y (forecast: 1.7% y/y; previous: 1.6% y/y). Unemployment rate: 2.5% (forecast: 2.5%; previous: 2.5%).
• South Korea: According to a Reuters report, South Korean foreign exchange authorities conducted a round of USD selling on July 30.
• BoE: Kept interest rates unchanged at 3.75% at its July meeting. At the meeting, the central bank governor noted that the impact of the energy shock on the UK economy remains uncertain, and the risk of significant second-round effects would increase if high energy prices persist for longer. However, there is very little evidence of such effects to date. The Committee reaffirmed its readiness to act as necessary to ensure inflation remains on track to reach the 2% target over the medium term.
• Vietnam: On the afternoon of July 30, the Haiphong City People’s Committee announced the Prime Minister’s Decisions regarding the Economic Zone and launched the Haiphong Free Trade Zone under the theme “Creating New Growth Opportunities.”

Market News:

• Vietnam: The Ministry of Industry and Trade has just announced adjustments to gasoline and diesel prices, with E5 RON92 gasoline increasing by 1,500 VND per liter; E10 RON95-III gasoline increasing by 1,424 VND per liter; 0.05S diesel will increase by 1,856 VND per liter,
• Vietnam: On the morning of July 30, Deputy Prime Minister Ho Quoc Dung met with the Chairman of the Southeast Asian Semiconductor Association. At the meeting, the Deputy Prime Minister requested that the Association continue to connect its member companies to explore investment opportunities and expand cooperation with Vietnamese partners to develop the semiconductor industry; while also strengthening consultation, sharing experiences, and supporting Vietnam’s more active participation in the Association’s activities as well as the regional and global semiconductor ecosystem.
• Vietnam: Permanent Deputy Prime Minister Pham Gia Tuc proposed implementing a special mechanism on an emergency basis to construct a metro line extending from Ben Thanh–Suoi Tien to the administrative center of Dong Nai City and Long Thanh Airport.
• VHM: In the second half of 2026, consolidated net revenue reached 116,565 billion VND. Net profit reached 52.092 billion VND, an increase of nearly 380% compared to the first six months of 2025 and representing 86.8% of the full-year 2026 target.
• VPL: In the first six months of 2026, Vinpearl reported consolidated net revenue of 6,795 billion VND, with core business operations continuing to be the main growth driver, posting a 33% increase compared to the same period in 2025. Consolidated net profit for the first half of 2026 was 2,140 tỷ đồng, an eightfold increase compared to the first half of 2025.
• HVN: In the first half of 2026, consolidated revenue reached 75,312 billion VND, up more than 28% year-over-year; profit reached 3,852 billion VND. The parent company’s revenue reached 56,274 billion VND, up nearly 19% compared to the same period in 2025, and profit reached 2,877 billion VND.

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Source: BIDV Securities (BSC)

Chung khoan BIDV (BSC)