
Vietnam Stocks Slide for Second Day as Tariff Panic Grips Market
Vietnam's stocks are heading for their lowest level since January 2024 as US tariffs on the nation extend the market selloff to a second day.
The VN Index slid as much as 5.8% on Friday, with the Bank for Foreign Trade of Vietnam and Bank for Investment and Development of Vietnam among the biggest drags. The benchmark plunged by the daily limit of 7% Thursday after US President Donald Trump hit Vietnam with one of the highest tariffs in Asia.
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Flights to and from Dubai cancelled after US air strikes on Iran
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Options Traders Wrestle With Stocks' Muted Reaction to War Risk
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As the July 9 tariff deadline approaches, some strategists are saying a long gamma positioning is unlikely to yield the kind of bumper profits seen in April. 'On the more tactical side there is a general lack of scalable opportunities across the board on repo, correlation and volatility — historic dislocations are just not there at the moment,' Antoine Porcheret, head of institutional structuring for the UK, Europe, Middle East and Africa at Citigroup Inc., said last week. 'But that is part of a deeper long-term trend, notably in retail structured products, which historically was the main supplier of derivatives risks.' JPMorgan Chase & Co. strategists, who noted on June 11 that investors' fatigue has set in after the many Trump U-turns, say the July 9 deadline could be postponed, which would create further uncertainty and make it difficult to trade with conviction. 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