The JCI July 27, 2023

𝐉𝐮𝐥𝐲 𝟐𝟕, 𝟐𝟎𝟐𝟑

* 𝐓𝐡𝐞 𝐉𝐂𝐈 𝐭𝐫𝐚𝐝𝐢𝐧𝐠 𝐫𝐚𝐧𝐠𝐞: 𝟔,𝟗𝟎𝟎𝐩𝐭 – 𝟔,𝟗𝟖𝟎𝐩𝐭  ( 𝐘𝐞𝐬𝐭𝐞𝐫𝐝𝐚𝐲 𝐜𝐥𝐨𝐬𝐞: 𝟔,𝟗𝟒𝟖𝐩𝐭)

* 𝐖𝐚𝐥𝐥 𝐒𝐭𝐫𝐞𝐞𝐭 𝐞𝐧𝐝𝐞𝐝 𝐰𝐢𝐭𝐡 𝐦𝐚𝐣𝐨𝐫 𝐞𝐪𝐮𝐢𝐭𝐲 𝐢𝐧𝐝𝐞𝐱𝐞𝐬 𝐜𝐥𝐨𝐬𝐞𝐝 𝐚𝐥𝐦𝐨𝐬𝐭 𝐮𝐧𝐜𝐡𝐚𝐧𝐠𝐞𝐝, 𝐦𝐚𝐢𝐧𝐥𝐲 𝐬𝐮𝐩𝐩𝐨𝐫𝐭𝐞𝐝 𝐛𝐲 𝐭𝐡𝐞 𝐰𝐢𝐝𝐞𝐥𝐲-𝐞𝐱𝐩𝐞𝐜𝐭𝐞𝐝 𝟐𝟓𝐛𝐩 𝐡𝐢𝐤𝐞 𝐢𝐧 𝐭𝐡𝐞 𝐩𝐨𝐥𝐢𝐜𝐲 𝐫𝐚𝐭𝐞 𝐛𝐲 𝐭𝐡𝐞 𝐔𝐧𝐢𝐭𝐞𝐝 𝐒𝐭𝐚𝐭𝐞𝐬 (𝐔𝐒) 𝐜𝐞𝐧𝐭𝐫𝐚𝐥 𝐛𝐚𝐧𝐤 𝐭𝐨 𝐚 𝐡𝐢𝐠𝐡𝐞𝐬𝐭 𝐮𝐩𝐩𝐞𝐫 𝐥𝐢𝐦𝐢𝐭 𝐬𝐢𝐧𝐜𝐞 𝟐𝟎𝟎𝟏

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

Morning,

The Jakarta Composite Index (JCI) today (7/27) is expected to trade between 6,900pt–6,980pt to attempt higher in support of bargain hunters.

 Meanwhile, yesterday  (7/26) on Wall Street, the DJIA closed higher by 82 points or 0.2% to 35,438pt, while the S&P500 and the Nasdaq edged down by 0.0% and 0.1%, respectively.

The Federal Reserve Chairman Jerome Powell, in the press conference, stated inflation has moderated somewhat since the middle of last year, but hitting the Fed’s 2% target “has a long way to go.” The central bank meets again in September after a batch of new inflation and employment data to include initial jobless claims, June durable goods orders, a preliminary second-quarter GDP reading, and pending home sales.

Meanwhile, policymakers indicated at the June FOMC meeting that two rate hikes are coming this year, markets are pricing in a better-than-even chance that there won’t be any more moves this year.

 The 10-year US Treasury yield was trading lower by 5 basis points at 3.863%.  Similarly, the yield on the 2-year Treasury fell by 3 basis points to 4.841%.

Yesterday, the price of WTI  closed higher lower by 0.91.1% at USD78.9/ barrel, mainly on demand concerns following the release of the latest weekly US crude inventory data that showed a lower-than-expected decline (-0.6mn barrels vs. an estimated -2.4mn barrels). Meanwhile, the USDIDR closed at IDR15,032 vs. IDR15,007 the previous one.

Cheers,