Core Viewpoint - Vietnam plans to establish an online gold trading platform and allow gold imports for the first time in a decade, aiming to stabilize rapidly rising domestic gold prices and stimulate economic growth [1][2]. Group 1: Policy Background - Vietnam is focused on maintaining macroeconomic stability as one of Southeast Asia's fastest-growing economies, with concerns about rapid credit expansion potentially leading to asset price bubbles [2]. - Gold is a popular investment choice in Vietnam, viewed as a wealth preservation tool, making the stabilization of domestic gold prices a key objective for the central bank [2]. - Domestic gold prices have surged by 60% this year, remaining approximately 23% higher than international market prices as of Thursday [2]. Group 2: Potential Trade-offs - Expanding gold imports may help cool domestic gold prices and reduce the price gap with international markets, but it could also exert pressure on the exchange rate [3]. - Increased gold imports will require the use of US dollars, leading to greater outflows of the currency [3]. - The recent decree from the central bank will end its monopoly on gold bar production, aiming to enhance supply channels and market competitiveness [3]. Group 3: Regulatory Measures - The central bank will strengthen oversight of gold trading companies to prevent money laundering, speculation, smuggling, and illegal trading activities [4]. - Legal actions have been initiated against the former CEO of Saigon Jewellery, a contractor for gold bar production, for corruption and abuse of power [4].

Core Viewpoint - The independence of the Bank of Japan is considered a crucial institution for macroeconomic stability [1] Group 1 - The Governor of the Bank of Japan, Kazuo Ueda, emphasizes the importance of the central bank's independence [1]

Core Insights - The International Monetary Fund (IMF) indicates that Egypt has made progress in achieving macroeconomic stability but still needs to simplify tax and customs procedures and broaden the tax base [1] Group 1 - Egypt has shown improvements in macroeconomic stability according to the IMF [1] - There is a need for Egypt to simplify its tax and customs processes to enhance efficiency [1] - Expanding the tax base is essential for Egypt to sustain its economic progress [1]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The report predicts that stock index futures will show an overall trend of range - bound fluctuations in the short - and medium - term, with an intraday view of being slightly stronger. Policy - side benefits provide strong support, and the stock index is expected to operate slightly stronger in the short term under the impetus of positive policy expectations [1][5]. 3. Summary by Related Catalogs 3.1 Variety View Reference - Financial Futures Stock Index Sector - For the IH2506 variety, the short - term view is sideways, the medium - term view is sideways, the intraday view is slightly stronger, and the overall view is range - bound. The core logic is that policy - side benefits form strong support [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - **Market Performance**: Yesterday, each stock index fluctuated and sorted within a narrow range. The total trading volume of the stock market was 132.6 billion yuan, a decrease of 1.49 billion yuan from the previous day, indicating that market sentiment is cautiously optimistic [5]. - **Core Logic**: First, the policy side will introduce policies to stabilize macro - economic demand, which is beneficial to stabilizing the performance expectations of listed companies. The weakening of the manufacturing PMI data in April and the continued decline of inflation indicators show the necessity of policy - driven stable growth. Second, the policy side emphasizes stabilizing stock market expectations, and the bottom support of the stock market is strong. Relevant departments have actively introduced policies to stabilize stock market expectations, promote the improvement of the quality and income of listed companies, improve the assessment systems of public funds and insurance, promote incremental funds to continuously allocate to the stock market, and give play to the role of Huijin Company as a quasi - stabilization fund. Third, a joint statement was issued in Sino - US economic and trade relations, marking a substantial easing of the short - term Sino - US tariff war, reducing external negative factors, and the recent restart of Sino - US orders is conducive to macro - economic repair [5].