The JCI May 16, 2024

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𝐌𝐚𝐲 𝟏𝟔, 𝟐𝟎𝟐𝟒

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• 𝐓𝐡𝐞 𝐉𝐂𝐈 𝐭𝐫𝐚𝐝𝐢𝐧𝐠 𝐫𝐚𝐧𝐠𝐞: 𝟕,𝟏𝟐𝟎 – 𝟕,𝟐𝟖𝟎 𝐩𝐨𝐢𝐧𝐭𝐬 (𝐘𝐞𝐬𝐭𝐞𝐫𝐝𝐚𝐲 𝐜𝐥𝐨𝐬𝐞: 𝟕,𝟏𝟖𝟎 𝐩𝐨𝐢𝐧𝐭𝐬)

• 𝐖𝐚𝐥𝐥 𝐒𝐭𝐫𝐞𝐞𝐭 𝐞𝐧𝐝𝐞𝐝 𝐰𝐢𝐭𝐡 𝐦𝐚𝐣𝐨𝐫 𝐞𝐪𝐮𝐢𝐭𝐲 𝐢𝐧𝐝𝐞𝐱𝐞𝐬 𝐜𝐥𝐨𝐬𝐞𝐝 𝐡𝐢𝐠𝐡𝐞𝐫 𝐛𝐲 𝐚𝐫𝐨𝐮𝐧𝐝 𝟏.𝟐%, 𝐦𝐚𝐢𝐧𝐥𝐲 𝐨𝐧  𝐫𝐞𝐬𝐩𝐨𝐧𝐝 𝐭𝐨 𝐭𝐡𝐞 𝐔𝐧𝐢𝐭𝐞𝐝 𝐒𝐭𝐚𝐭𝐞𝐬 (𝐔𝐒)  𝐀𝐩𝐫𝐢𝐥’𝐬 𝐢𝐧𝐟𝐥𝐚𝐭𝐢𝐨𝐧 𝐝𝐚𝐭𝐚   𝐭𝐡𝐚𝐭 𝐚𝐫𝐞 𝐬𝐨𝐟𝐭𝐞𝐫 𝐭𝐡𝐚𝐧 𝐚𝐧𝐭𝐢𝐜𝐢𝐩𝐚𝐭𝐞𝐝

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

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Morning,

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The Jakarta Composite Index (JCI) today (5/16)  is expected to trade in the range of  7,120 – 7,280 points to attempt higher with the support of bargain hunters.

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Meanwhile, yesterday  (5/15) on Wall Street, the DJIA closed higher by 350 points or 0.88%  to  39,908 points. The S&P500 and the Nasdaq Composite closed higher by 1.17% and 1.4%, respectively.

The US  consumer price index, increased 0.3% from March, slightly below the Dow Jones estimate of 0.4%.On a 12-month basis, however, the CPI increased 3.4%, in line with expectations. Also, the key core inflation reading came in at 0.3% monthly and 3.6% on an annual basis, both as forecast. 

The yield of the 10-year  US  Treasury fell 10 basis points to 4.344%. The 2-year Treasury yield was lower by 9 basis points to 4.726%.

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Yesterday, the US West Texas Intermediate futures for June settlement, closed higher by 0.78%  at USD78.63/barrel mostly due to supply concern along with the latest weekly data by the EIA on the US commercial crude inventories net of the SPR that fell by 2.5mn barrel (vs. consensus estimate of 543k ). Meanwhile, the USDIDR closed at IDR16,070 vs. IDR16,131 previouly.

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Cheers,