Morning Chatter

KBVS MORNING CHATTER
Friday, 14 November 2025

Headline News :
•    TOBA - Prepares USD600 mn funding to accelerate green expansion
•    MEDC - A 2.21% yield FY25 interim dividend
•    PZZA - Targets growth in 2026 on outlet revamps and openings
•    ACES - Still optimistic on FY26 outlook
•    TGUK – To diversify into frozen meat business with IDR42.9 bn
•    INAF – To consolidate under KAEF; lays off 413 employees
•    DSSA – To repay IDR405.53 bn in bond and sukuk
•    GIAA – To receives IDR23.67 tn capital injection
•    HAIS – Targets addition of 4 new fleets by year-end 2025

Market Commentary :
US indices closed lower on Thursday (13/11) ; DJIA (-1.65%), S&P 500 (-1.65%) and IXIC (-2.29%), dragged down by losses in technology and consumer discretionary stocks. Although the US government' shutdown had ended, the market scaled back expectations of interest rate cuts due to inflation worries and divisions among the Fed' governors about the US economy’ health. Now, the market is pricing in about a 47% chance of a 25bps rate cut in Dec'25, lower than last week’ 70% probability, according to CME Group’ FedWatch tool. Thus, USD index fell to 99.07, but the US 10-Y bond yield rose to 4.111%.
In Europe, the STOXX600 fell 0.61%, yesterday, dragged down by losses in AI based technology stocks. On economic data, the UK reported that its industrial production declined 2% mom/2.5% yoy in Sept'25. At the same time, UK also reported a lower manufacturing production (-1.7% mom/-2.2% yoy) in Sept'25. As a result, the EU reported that the region' industrial production only grew 0.2% mom/1.2% yoy in Sept'25 or lower than expected. On commodity, both Brent crude futures and US WTI rose 0.64% and 0.73% to USD63.11 a barrel, and USD59.12 a barrel, respectively as the US reported that its weekly inventory build was lower than expected amid supply concerns related to sanctions on Russian oil companies. 
Indices in Asia closed mixed yesterday, and JCI closed 0.20% lower, but with IDR2.91 tn net foreign inflow. Today, the JCI could close lower due to a potential rebound on USD and higher global oil prices, despite toned-down geopolitical uncertainties.

Regards,
KBVS Research Team

 

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