Review of economic information on December 12

The central exchange rate increased by 6 VND, the VN-Index decreased slightly by 1.51 points, the gasoline price increased slightly, the oil price decreased... are some notable economic news on December 12.

Economic information review

Domestic news

Foreign exchange market, session 12/12, State Bank listed the central exchange rate at 24,259 VND/USD, up 06 VND compared to the previous session.

The buying and selling prices of USD were kept unchanged by the State Bank of Vietnam at 23,400 VND/USD and 25,450 VND/USD, respectively.

On the interbank market, the USD-VND exchange rate closed at 25,397 VND/USD, a slight increase of 04 VND compared to the session on December 11.

The dollar-dong exchange rate on the free market decreased by 20 VND in buying and remained unchanged in selling, trading at 25,550 VND/USD and 25,650 VND/USD.

Interbank money market, on December 12, the average interbank VND offering interest rate remained unchanged for overnight terms, slightly increased by 0.02 - 0.05 percentage points for 1-week and 2-week terms while slightly decreased by 0.01 percentage point for 1-month terms; specifically: overnight 4.52%; 1 week 4.70%; 2 weeks 4.80 and 1 month 5.06%. The average interbank USD offering interest rate slightly decreased by 0.01 percentage point for short terms while unchanged for 1-month terms, trading at: overnight 4.60%; 1 week 4.65%; 2 weeks 4.70%, 1 month 4.76%.

Government bond yields in the secondary market increased across all maturities, closing at: 3-year 1.88%; 5-year 2.13%; 7-year 2.37%; 10-year 2.84%; 15-year 3.01%.

In the open market operations, on the mortgage channel, the State Bank bid 20,000 billion VND, 7-day term, interest rate at 4.0%. All of the above volume was won and 1,000 billion VND matured. The State Bank bid for SBV bills in 2 terms of 14 days and 28 days, bidding for interest rates. Only 200 billion VND won the bid for the 28-day term with interest rate at 4.0%. The 14-day term had no winning volume. There were 1,450 billion VND of bills maturing.

Thus, the State Bank of Vietnam pumped a net VND20,250 billion into the market through the open market channel yesterday. There were VND50,999.89 billion circulating on the mortgage channel, and VND43,905 billion in treasury bills circulating on the market.

In the stock market, the hesitant sentiment continued to appear. At the end of the session, VN-Index decreased slightly by 1.51 points (-0.12%) to 1,267.35 points; HNX-Index decreased slightly by 0.19 points (-0.08%) to 227.99 points; UPCoM-Index decreased slightly by 0.06 points to 92.68 points. Market liquidity was low with a transaction value of about VND 14,825 billion. Foreign investors net sold nearly VND 300 billion on all three floors.

Gasoline prices increased slightly, oil prices decreased sharply from December 12 after the adjustment of the Ministry of Industry and Trade - Ministry of Finance. Specifically, RON 95 gasoline price increased by 30 VND/liter compared to the previous adjustment period, with a price no higher than 20,590 VND/liter; E5 RON 92 gasoline remained the same compared to the previous adjustment period, with a price of 19,860 VND/liter. Meanwhile, diesel oil price decreased by 130 VND, with a price of 18,250 VND/liter; kerosene has a new price of 18,560 VND (down 250 VND/liter); mazut oil has a price of 15,570 VND/kg (down 550 VND/kg).

International news

The U.S. Bureau of Labor Statistics said its headline producer price index (PPI) rose 0.4% month-on-month in November after rising 0.3% in October, stronger than the forecast 0.2%. Core PPI rose 0.2% in November after rising 0.3% in October, matching forecasts. Year-on-year, headline PPI and core PPI rose 3.0% and 3.5%, respectively, expanding from 2.6% and 3.5% in October.

Next, in the labor market, the number of initial unemployment benefits in the US in the week ending December 6 was 242 thousand, up from 225 thousand the previous week and at the same time higher than the forecast of 221 thousand. The average number of applications in the most recent 4 weeks was 224.25 thousand, up 5.75 thousand compared to the average of the previous 4 weeks.

The European Central Bank (ECB) cut its policy interest rate at its year-end meeting. At its meeting yesterday, December 12, the ECB said that the process of reducing inflation is progressing smoothly. The agency forecasts average headline inflation of 2.4% in 2024, 2.1% in 2025 and 1.9% in 2026. Core inflation in these years is forecast at 2.9%, 2.3% and 1.9% respectively.

Next, the ECB forecasts Eurozone GDP to grow by 0.7% in 2024, 1.1% in 2025 and 1.4% in 2026. The ECB Governing Council has shown its determination to ensure that inflation will be stabilised sustainably at the target of 2.0%. At this meeting, the ECB decided to lower its policy rates by 25 basis points. Accordingly, the refinancing rate, marginal lending rate and deposit rate at the ECB will be reduced to 3.0%; 3.15% and 3.4% respectively. The ECB will continue to rely on data at each subsequent meeting to determine the appropriate monetary policy stance. The ECB does not commit to any specific policy rate roadmap.

The Australian Bureau of Statistics (ABS) announced that the country created 35.6 thousand new workers in November, higher than the 12.1 thousand in October, and surpassing the forecast of 26 thousand. In addition, the unemployment rate in Australia last month decreased to 3.9% from 4.1% in the previous month, contrary to the forecast of an increase to 4.2%. This is the lowest unemployment rate that Australia has recorded since April 2024.

Source: https://thoibaonganhang.vn/diem-lai-thong-tin-kinh-te-ngay-1212-158774-158774.html