Daily Economic Research

KBVS ECONOMIC RESEARCH
Monday, 26 January 2026

Macro Highlight :
Amid fluctuating global geopolitical risks—particularly surrounding the US–Iran tensions and developments related to Greenland over the past week—global government bond markets closed mixed in the final trading session of the week. This risk-off sentiment was further reflected in gold prices, which surged above USD 5,000 per ounce this morning, signaling heightened global investor caution.

Despite the Rupiah's appreciation to IDR16,838/USD on Friday, the domestic fixed income market experienced a "bear flattening" correction as investors took profits ahead of the weekend, driving the ICBI down by -0.9964 pts (-0.23%) to 439.3911. Investors are advised to monitor the SBSN Auction tomorrow for signs of market absorption capacity.

We anticipate a marginal decrease in the 10Y SUN yield today (26 Jan ‘26), projecting it to range between 6.27% and 6.47%.

 

Regards,
KBVS Research Team

 

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