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Euro zone recession fears were exacerbated by concerns about an energy crisis in Europe and by Tuesday's data, which showed a sharp slowdown in business growth in June, following Monday's news of a seasonally adjusted May trade deficit in Germany versus expectations for a surplus. Oil prices suffered their biggest daily drop since March on growing fears of a global recession and lockdowns in China that could slash demand. Bipan Rai, North America head of FX strategy at CIBC Capital Markets in Toronto, cited signs of a looming energy crisis in Europe and economic concerns for the euro's tumble. "The threat of a recession in the euro zone is a more clear risk now relative to before," Rai said. The euro dropped by almost 1.8 percent against the dollar to $1.0236, its weakest level since December 2002. It was last down 1.48 percent against the dollar. Meanwhile the dollar index , which measures the greenback against a group of major currencies, was up 1.31 percent, after hitting … [Read more...] about Euro slumps to two-decade low, oil tumbles as recession fears intensify

The third session of the 15th National Assembly Export-import turnover rises nearly 23 percent According to the report, Vietnam fulfilled seven out of 12 key targets for 2021, with total export-import turnover increasing by 22.6 percent and trade surplus reaching US$4 billion. So far, Vietnam is one of the top six countries in terms of COVID-19 vaccination coverage. Macroeconomic stability has been maintained, major economic balances ensured, and inflation brought under control. However, input prices, especially gasoline and oil, have risen sharply, while the shortage of human resources has affected trade and production activities. Export turnover is dependent heavily on foreign-invested enterprises, while stock, corporate bond and real estate markets are potentially risky. Vu Hong Thanh, chairman of the National Assembly’s Economic Committee, presented a verification report on this issue, praising the results in the context of unprecedented difficulties and challenges … [Read more...] about Government focuses on rapid, sustainable socioeconomic recovery

An off-shore rig operated by PV Gas. The company shares fell nearly 5.2 per cent yesterday, leading the market's downside. — Photo pvgas.com.vn The stock market settled lower on Tuesday as rising selling pressure hurt sentiment. On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index reduced by 14.24 points, or nearly 1.2 per cent, to 1,181.29 points. It fell for the second day in a row. The market’s breadth was negative with 347 stocks declining, while 120 stocks increased. Liquidity, however, improved compared to the previous session, of which 612 million stocks were traded on the southern bourse, worth over VND13.8 trillion (US$591.1 million). The market’s benchmark continued the downside risk as sell-off force grew stronger at the end of the session. Saigon - Hanoi Securities JSC (SHS) said that the liquidity base has dropped sharply since last November. And the market's great falls in the past three months caused investors who just recently joined to lose. “Perhaps … [Read more...] about Shares tumble, VN-Index loses over 14 points