Morning Chatter

KBVS MORNING CHATTER
Friday, 17 May 2024

Headline News :
•    BBTN - Credit growth moves within target
•    PTPP – Booked new contracts worth IDR6.35 tn in 4M24
•    MIKA – Better performance after 3 new hospitals' opening 
•    MIDI – Spent IDR344 bn of 2024' capex, in 1Q24
•    KLBF – Preparing IDR1 tn share buyback
•    INTP – Domestic sales grew 4.1% yoy in 1Q24
        
Market Commentary :
US indices ended lower on Thursday (16/05); DJIA (-0.10%), S&P 500 (-0.21%) and IXIC (-0.26%), after 3 voting members of the Fed' (John Williams - NYC, Raphael Bostic - Atlanta, Loretta Mester - Cleveland) stated that they will remain cautious and needed more data as US' PPI data was higher, before the Fed' could cut its FFR, despite better than expected CPI' data and a cooling US labor market. Moreover, US labour' data showed that US' initial jobless claim was higher than expected at 222,000. Thus, US 10-Y bond yield rose to 4.381%, despite the market is betting on the Fed' first rate cut could be on Sept'24.

In Europe, STOXX600 ended lower (-0.24%), after lower than expected earnings results from several companies, despite a better US' economy data and higher chance that the EU is likely to cut its rate on June'24 or ahead the Fed'. On commodity, Brent Oil and US WTI rose to USD83.27 /barrel and USD79.23 /barrel, respectively after a better than expected US' inflation data that could boost global oil demand growth, and with lower US' oil inventory as more oil drawdown in US, amidst high tension in the Middle East.

Yesterday, Asian' indices ended higher, including JCI that ended 0.93% higher, with IDR526.62 bn net foreign inflow. Today, JCI could end lower on USD' strengthening, higher global oil prices amidst tensions in the Middle East, despite a higher possibility for the Fed to cut its FFR on Sept'24.

Regards, 
KBVS Research Team

 

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