Market Highlight 24.04.2026

According to business surveys released on Thursday, manufacturers in the U.S and several parts of Asia and Europe reported an increase in orders as they rushed to meet demand from customers worried about rising prices and shortages of goods if the conflict in the Middle East drags on. As the conflict entered its seventh week, the Strait of Hormuz remained closed, restricting shipments of oil and natural gas while also threatening supplies of many other raw materials, including inputs essential for fertilizer production and helium, which is critical for chip manufacturing. PMI surveys conducted by S&P Global in the first weeks of April showed that some businesses were trying to get ahead of the expected shortages by stockpiling goods, leading to stronger factory output in several major economies, including the U.S, France, Japan, India, and the UK.

The rush to complete orders and accumulate inventories reflects moves similar to those seen in early 2025, when businesses front-loaded activity ahead of U.S reciprocal tariff increases. As in that earlier period, the boost may prove temporary, especially given the sharp drop in output seen late last year. In the U.S, the survey showed that industrial output posted its strongest increase in 4 years. The composite PMI, which measures activity across both manufacturing and services, rose from 50,3 to 52.

The USD Index rose 0,2% for a third consecutive session and is now heading for a gain of 0,6% since the start of this week, as escalating tensions in the Strait of Hormuz are undermining hopes for a peace agreement in the Middle East. Domestically, interbank USD/VND traded around 26.330 yesterday, while the effective daily ceiling was raised by a further VND 5 to 26.360.

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