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Morning,
The Jakarta Composite Index (JCI) today (11/16) is expected to trade in the range of 6,880 – 7,010 points to attempt higher with the support of bargain hunters.
Meanwhile, yesterday ย (11/15) on Wall Street, the DJIA closed higher by 164 points or 0.5% to 34,991 points, while the S&P500 and the Nasdaq Composite closed higher by 0.2% and 0.1% respectively. The USย Octoberโs producer price index (PPI), which measures wholesale prices,ย fell by 0.5%ย to mark its biggest monthly drop since April 2020.ย The PPI data for October is in line with the consumer price figure reported earlier, fuelling investorsโs view of a ย tamed ย US inflation and softening monetary stance.
The yield of the 10-year ย US ย Treasury Note climbed 10 basis points to 4.54%, while the yield on theย 2-year Treasury bond rose 10 basis points to 4.91%.
Yesterday, the WTI futures closed lower by 2% at USD76.7/barrel, mainly on supply concerns along with the latest data on the US weekly crude inventory level that showed an increase of 3.6mn barrels, or far exceeding analystsโ expectations for a 1 .8mn-barrel rise. Meanwhile, the USDIDR closed at IDR15,503 vs. IDR15,699ย the previous one.
Cheers,