The JCI May 8, 2023

𝐌𝐚𝐲 𝟖, 𝟐𝟎𝟐𝟑

* 𝐓𝐡𝐞 𝐉𝐂𝐈 𝐭𝐫𝐚𝐝𝐢𝐧𝐠 𝐫𝐚𝐧𝐠𝐞: 𝟔,𝟕𝟒𝟎𝐩𝐭 – 𝟔,𝟖𝟗𝟎𝐩𝐭  ( 𝐅𝐫𝐢𝐝𝐚𝐲 𝐜𝐥𝐨𝐬𝐞: 𝟔,𝟕𝟖𝟖𝐩𝐭)

* 𝐖𝐚𝐥𝐥 𝐒𝐭𝐫𝐞𝐞𝐭 𝐞𝐧𝐝𝐞𝐝 𝐰𝐢𝐭𝐡 𝐦𝐚𝐣𝐨𝐫 𝐞𝐪𝐮𝐢𝐭𝐲 𝐢𝐧𝐝𝐞𝐱𝐞𝐬 𝐜𝐥𝐨𝐬𝐞𝐝 𝐡𝐢𝐠𝐡𝐞𝐫 𝐛𝐲 𝐚𝐫𝐨𝐮𝐧𝐝 𝟐%, 𝐦𝐚𝐢𝐧𝐥𝐲 𝐨𝐧 𝐟𝐚𝐯𝐨𝐫𝐚𝐛𝐥𝐞 𝐫𝐞𝐬𝐩𝐨𝐧𝐝 𝐭𝐨 𝐭𝐡𝐞 𝐫𝐞𝐥𝐞𝐚𝐬𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐔𝐧𝐢𝐭𝐞𝐝 𝐒𝐭𝐚𝐭𝐞𝐬 (𝐔𝐒) 𝐣𝐨𝐛 𝐝𝐚𝐭𝐚 𝐟𝐨𝐫 𝐀𝐩𝐫𝐢𝐥

* 𝐓𝐡𝐞 𝐉𝐂𝐈 𝐢𝐬 𝐞𝐱𝐩𝐞𝐜𝐭𝐞𝐝 𝐭𝐨 𝐠𝐚𝐢𝐧 𝐞𝐝𝐠𝐞 𝐬𝐮𝐩𝐩𝐨𝐫𝐭𝐞𝐝 𝐛𝐲 𝐬𝐭𝐚𝐛𝐥𝐞 𝐔𝐒𝐃𝐈𝐃𝐑 𝐚𝐧𝐝 𝐨𝐢𝐥-𝐜𝐥𝐨𝐬𝐞

Morning,

The Jakarta Composite Index (JCI) today (5/8) is expected to trade between 6,740pt–6,890pt to attempt higher and be supported by bargain hunters.

Friday (5/5) on Wall Street, the DJIA closed higher by 547 points or 1.7% to 33,674pt, while the S&P500 and the Nasdaq closed higher by 1.9% and 2.3%, respectively.

US job growth data for April showed an addition of nonfarm payrolls by 253k, beating Wall Street estimates for growth of 180k units. Also, the US unemployment rate was 3.4% against an estimate of 3.6% and tied for the lowest level since 1969.

On the other side, average hourly earnings, a key inflation barometer, rose 0.5% for the month, more than the 0.3% estimate and the biggest monthly gain in a year. On an annual basis, wages increased by 4.4%, higher than the expectation for a 4.2% gain.

Meanwhile, the 10-year US Treasury closed higher by almost 9 basis points at 3.439%. The yield on the 2-year Treasury jumped more than 18 basis points at 3.914%.

Last week, the price of WTI settled higher by 4.1% to USD71.3/ barrel, mainly on a technical rebound following a four-day consecutive decline.  Meanwhile, the USDIDR closed at IDR14,674vs. IDR14,632  the previous one.

Cheers,