The JCI May 29, 2023

𝐌𝐚𝐲 𝟐𝟗, 𝟐𝟎𝟐𝟑

* 𝐓𝐡𝐞 𝐉𝐂𝐈 𝐭𝐫𝐚𝐝𝐢𝐧𝐠 𝐫𝐚𝐧𝐠𝐞: 𝟔,𝟔𝟔𝟎𝐩𝐭 – 𝟔,𝟕𝟗𝟎𝐩𝐭  (𝐅𝐫𝐢𝐝𝐚𝐲 𝐜𝐥𝐨𝐬𝐞: 𝟔,𝟔𝟖𝟕𝐩𝐭)

* 𝐖𝐚𝐥𝐥 𝐒𝐭𝐫𝐞𝐞𝐭 𝐞𝐧𝐝𝐞𝐝 𝐰𝐢𝐭𝐡 𝐦𝐚𝐣𝐨𝐫 𝐞𝐪𝐮𝐢𝐭𝐲 𝐢𝐧𝐝𝐞𝐱𝐞𝐬 𝐜𝐥𝐨𝐬𝐞𝐝 𝐡𝐢𝐠𝐡𝐞𝐫 𝐛𝐲 𝐚𝐫𝐨𝐮𝐧𝐝 𝟏.𝟓%, 𝐰𝐞𝐢𝐠𝐡𝐞𝐝 𝐦𝐨𝐫𝐞 𝐨𝐧 𝐭𝐡𝐞 𝐩𝐫𝐨𝐠𝐫𝐞𝐬𝐬 𝐢𝐧𝐭𝐨 𝐟𝐢𝐧𝐚𝐥𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐭𝐡𝐞 𝐔𝐧𝐢𝐭𝐞𝐝 𝐒𝐭𝐚𝐭𝐞𝐬 (𝐔𝐒) 𝐧𝐞𝐰 𝐝𝐞𝐛𝐭-𝐜𝐞𝐢𝐥𝐢𝐧𝐠 𝐛𝐞𝐟𝐨𝐫𝐞 𝐭𝐡𝐞 𝐝𝐞𝐚𝐝𝐥𝐢𝐧𝐞 (𝟔/𝟓)

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

Morning,

The Jakarta Composite Index (JCI) today (5/29) is expected to trade between 6,650pt–6,790pt to attempt higher and be supported by bargain hunters.

Friday last week (5/26) on Wall Street, the DJIA closed higher by 329 points or 1.0% to 33,093pt, while the S&P500 and the Nasdaq closed higher by 1.3% and 2.2%, respectively.

The core personal consumption expenditures index, the Federal Reserve’s preferred gauge of price pressures, increased 0.4% last month  (March: 0.3%) and 4.7% from a year earlier (March: 4.6%).  Both monthly and annual figures are higher than estimates of each by 1 percentage point. Market pricing then adjusted to a  56% chance (previously: 20%) that the Fed will enact another quarter percentage point interest rate hike at the June 13-14 meeting.

 The 10-year US Treasury closed lower by 1 basis point at 3.810%. The yield on the 2-year Treasury popped by 10 basis points at 4.568%.

Friday last week, the price of WTI closed higher by 1.2% to USD72.7/ barrel, mainly on the supply side along with the conflicting messages on supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting (6/4). Meanwhile, the USDIDR closed at IDR14,959 vs. IDR14,905  the previous one.

Cheers,