Morning Chatter

KBVS MORNING CHATTER
Friday, 20 February 2026

Headline News :
•    SRAJ - Further expansions with new hospitals and strategic partnerships
•    SMAR - Prepares a IDR220 bn for bond repayment 
•    CNKO - Increases capital in its business entity 
•    Banking - Jan26 loan grew 9.9% yoy

Market Commentary :
US indices closed lower yesterday (19/02); DJIA (-0.54%), S&P 500 (-0.28%) and IXIC (-0.31%) after the Fed' latest minutes came in more hawkish than anticipated. The Fed' minutes showed that almost all Federal Open Market Committee (FOMC) participants supported the decision to hold interest rates steady. Yet, the policymakers were largely split over the future of monetary policy and AI. On economic data, the US Census Bureau and the US Bureau of Economic Analysis showed the US goods and services deficit widening to USD70.3 bn in Dec'25. For 2025, the US trade deficit widened to USD901.5 bn. While, US labor market reported that its weekly initial jobless claims was better than anticipated at 206k (vs 223k). Thus, USD index was up to 97.88, but US 10-Y bond yield fell to 4.075%, yesterday. Now, the market is waiting for US PCE data and GDP that will be released later today.

In Europe, the STOXX 600 closed 0.53% lower yesterday with miners and utilities leading sectoral decline, after the market digested a mixed bag of corporate earnings. At the same time, EU' consumer confidence came in at -12.2 or lower than expected (-12.0). On commodity, both Brent crude futures and US WTI were up to USD71.91 per barrel and USD66.66 per barrel, respectively yesterday due to US - Iran heightened military activity in the Middle East raised fears of potential disruptions on oil supply from this region. At the same time, hopes for any easing of sanctions on Russian energy exports faded after no breakthrough from Russia-Ukraine talks.
Asian indices closed mixed yesterday, while JCI (-0.43%), but with IDR387.8 bn net foreign inflow. Today, the JCI could continue to close lower due to stronger USD and higher global oil prices, amid heightened geopolitical tensions.

Regards,
KBVS Research Team

 

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