Markets are expected to be only muted by the U.S. midterm elections, as the broad expectation is a divided government, with Democrats winning the House and possibly the Senate while a Republican holds the White House, making major new laws or tax overhauls unlikely for 2027 and 2028. Cboe data show forward volatility is expected to rise slightly more than 1% on Wednesday, November 4, versus a historical average closer to 4%, and the next-day increase after presidential elections averages about 7%. State Street notes that the year after a midterm election has historically delivered strong returns, with the S&P 500 not declining in the 12 months following a midterm since 1930. The VIX briefly topped 30 in March and April but has mostly stayed between 15 and 20, though it has risen this week on renewed concern about the AI trade.
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Song Da Cao Cuong (SCL) reported Q3/2026 profit of VND 38 billion, up 136%, on net revenue of over VND 263 billion (up nearly 98%), while gross profit margin rose from about 36% to 41%. For the first nine months, revenue reached nearly VND 666 billion (up 81%) and after-tax profit nearly VND 94 billion, already exceeding more than 110% of its full-year profit target. Chairman Kieu Van Mat attributed the results to technology upgrades, production line optimization and capacity expansion, with several new plants expected to start operations by November 2026. The company said it spent more than two years testing its products before Vingroup accepted them; Vingroup's share of its business has fallen to about 25% as customers expanded to around 10 major groups and exports began to Laos, Cambodia and the Philippines. Over the past two years, the company has invested about VND 1,000 billion in factories and technology.
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- Asian shares mostly decline after AI stocks lead a rebound on Wall Street
Asian shares mostly fell in cautious trading on Tuesday after AI-related stocks rebounded on Wall Street, while other sectors stayed shaky and oil prices stayed high. Japan's Nikkei 225 slipped 0.6% to 64,512.35 in early trading, South Korea's Kospi dropped 2.8%, and Australia's S&P/ASX 200 lost 0.8%. On Wall Street, the S&P 500 rose 0.4% and the Nasdaq gained 1.1%, helped by Nvidia's 1.4% gain, while most stocks outside AI and tech fell and the Dow slipped 0.1%. The 10-year Treasury yield climbed to 5.14%, and U.S. crude rose to $103.50 a barrel and Brent to $109.47, as uncertainty about when the energy industry will return to normal after the war with Iran means oil is unlikely to ease soon.
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