Market Highlight 24.12.2025

U.S consumer spending remained robust, lifting GDP growth above expectations in the third quarter at the fastest pace in two years. According to figures released by the U.S Department of Commerce late Tuesday, gross domestic product (GDP) expanded by 4,3% in the period from July to September. Although the report was delayed by nearly two months due to the U.S Government shutdown, it nevertheless reflects the health of the world’s largest economy in the period prior to the shutdown taking effect. The results indicate that the economy maintained considerable resilience for much of 2025. Consumer spending was supported in part by the healthcare sector, including outpatient services, hospitals and nursing homes. International travel, legal services, as well as spending on products such as personal computers and software, also contributed to growth.

The report further shows that consumer demand continues to underpin the U.S economy, even as inflation remains above the Federal Reserve’s 2% target, hiring activity has softened, and consumer confidence indicators point to relatively subdued sentiment. Economists have been closely monitoring spending related to Artificial Intelligence (AI), as massive data centres are being developed nationwide and AI-related equities have boosted portfolio valuations. Barclays estimates that AI-related investment contributed around 0,4 percentage points to third-quarter GDP growth, down from approximately 1% in the first half of the year. Meanwhile, trade added 1,59 percentage points to U.S GDP growth in the third quarter, supported by a sharp rise in exports and a continued decline in imports.

On the interbank market, the USD/VND exchange rate closed at 26.335 at the end of Tuesday’s session, after trading within a narrow range of 26.325 - 26.345 during the day. The market is expected to remain broadly stable near the 26.300 level today.

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