1. Financial market News
Strong selling pressure drives stocks down
Strong selling pressure drove the local stock market down steeply June 11, with both the VN-Index and HNX-Index losing nearly 4%.With losing stocks outnumbering winners by 312 to 82, the benchmark VN-Index on the Ho Chi Minh Stock Exchange declined 3.63%, or 32.63 points, against the session earlier to 867.37 points. The VN30 Index closed the day down 3.84% to 806.87 points, with no stocks in the VN30 basket advancing. This was the biggest single-day loss the VN-Index has suffered since March 30, when it tumbled 4.86 percent as a result of negative market developments caused by the Covid-19 pandemic.
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2. Banking news
Banks on the rise after major sell-off
Banks were rebounding Friday. The KBE bank ETF was up about 1%, a day after plummeting on concerns over lower rates for longer. The Federal Reserve projected on Wednesday that there would be no rate increases through at least 2022 - a negative for bank profitability. The group remains down 11% for the week.
Detailed information here.
3. International finance News
UK economy contracted by 20.4% in April, the largest monthly fall on record
The U.K. posted the biggest monthly fall in GDP (gross domestic product) on record in April, according to the Office for National Statistics. GDP fell by 20.4% compared to the previous month, a sharper contraction than the 18.4% expected by analysts polled by Reuters. This represented a 24.5% decline from April 2019, as lockdowns necessitated by the coronavirus pandemic hammered economic activity.
Detailed information here.
Khoa TCNH