Today’s Outlook:

• Dow Jones Industrial Average kehilangan 260,32 poin, atau 0,62%, ditutup pada 41.581,31. Indeks S&P 500 merosot 1,07%, berakhir pada The Dow Jones Industrial Average lost 260.32 points, or 0.62%, closing at 41,581.31. The S&P 500 shed 1.07%, ending at 5,614.66. The broad market index concluded the day 8.6% off its closing high reached in February, bringing it near correction territory. The Nasdaq Composite dropped 1.71% and settled at 17,504.12. Tesla, one of the stocks hardest hit during the market’s recent correction, was down yet again on Tuesday. That marked a turn after several tough weeks on Wall Street as some soft economic data and Trump’s on-again-off-again tariff policy left investors wary of the U.S.′ financial health.

• MARKET SENTIMENT : BI 7D RR & FOMC Meeting.

• FIXED INCOME AND CURRENCY : Shorter-dated US government bond yields rose on Monday after the control group in February’s US retail sales data rose by 1%, beating economists’ estimates. The US 10-year Treasury yield fell by 1 point to 4.30%. The US 2-year Treasury yield lifted 3 points to 4.05%. The dollar eased against the euro on Tuesday as Germany’s parliament approved plans for a massive spending surge on Tuesday and as the Federal Reserve kicked off its March policy meeting that could offer clues to the path of U.S. interest rates. The euro was 0.2% higher at $1.0945, after hitting $1.0954 earlier in the session, its highest since October 10. The greenback hit a two-week high against the yen before paring gains to trade about unchanged on the day at 149.165 yen, ahead of Wednesday’s policy decision by the Bank of Japan. Elsewhere, the Australian dollar slipped 0.4% to $0.6358 after rising to its highest in about a month on Monday.

• EUROPE : European stocks on the Stoxx 600 index closed higher for a third straight session on Tuesday, adding another 0.59%, provisionally. Germany’s DAX closed 1.03% higher, while France’s CAC 40 and the U.K.’s FTSE 100 ended 0.5% and 0.29% higher, respectively. Investor focus on Germany’s historic debt reform deal and a closely-watched phone call between U.S. President Donald Trump and Russian leader Vladimir Putin. Germany’s Bundestag on Tuesday afternoon voted in favor of a major fiscal package which creates exemptions to long-standing debt rules to unlock higher defense spending, as well as enabling a 500 billion euro ($548 billion) infrastructure and climate fund.

• -The euro was 0.2% higher at $1.0945, after hitting $1.0954 earlier in the session, its highest since October 10. The dollar eased against the euro on Tuesday as Germany’s parliament approved plans for a massive spending surge on Tuesday and as the Federal Reserve kicked off its March policy meeting that could offer clues to the path of U.S. interest rates.

• ASIA : Hong Kong’s Hang Seng Index led gains in Asia, rising 2.29% in its last hour on the back of strong moves in tech giants like Baidu, which was up 12.11% as at 3.45 p.m. local time. Meanwhile, mainland China’s CSI 300 advanced 0.27% to end the day at 4,007.72. Japan’s benchmark Nikkei 225 ended the day 1.20% higher at 37,845.42, while the broader Topix index rose 1.29% to 2,783.56. Over in South Korea, the Kospi index closed flat at 2,612.34 while the small-cap Kosdaq added 0.27% to end at 745.54. Australia’s S&P/ASX 200 ended the day flat at 7,860.40, paring gains from earlier in the session. India’s benchmark Nifty 50 added 1.20%, while the BSE Sensex increased 1.07% as at 1.15 p.m. local time. The Jakarta Composite Index slid as much as 7.1%, the biggest intraday slump since September 2011. The market hit a 30-minute temporary suspension after falling through a 5 per cent threshold for the first time since late 2020. Concerns about the growth prospects for South-east Asia’s largest economy are mounting, following President Prabowo Subianto’s recent directives to reallocate funds towards his priority projects. The country posted a rare budget deficit early into the year, with state revenues dropping more than 20 per cent year on year.

• -The rupiah weakened 0.3 percent against the dollar. The currency is the worst performer in Asia this year. The greenback hit a two-week high against the yen before paring gains to trade about unchanged on the day at 149.165 yen, ahead of Wednesday’s policy decision by the Bank of Japan.

• COMMODITY : Gold hit another record high above $3,000 on Tuesday, with investors seeking the metal as a haven from risk as conflict flared in the Middle East and U.S. President Donald Trump pressed on with tariff plans. Spot gold hit a peak of $3,028.24 in early trade, and was up 1.2% at $3,037.38 an ounce. Prices climbed above $3,000 for the first time on March 14. U.S. gold futures gained 1.3% to $3,043.40. This lead by Israeli air strikes pounded Gaza, killing 326 people, Palestinian health authorities said on Tuesday, and collapsing a two-month ceasefire with Hamas. Elsewhere, Donald Trump has floated plans for a series of U.S. tariffs, including a  flat 25% duty on steel and aluminium which came into effect in February, as well as reciprocal and sectoral tariffs that he said will be imposed on April 2. Brent futures fell 51 cents, or 0.72%, to close at $70.56 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 68 cents, or 1.01%, to settle at $66.90 as U.S. President Donald Trump and Russian President Vladimir Putin discussed moves to end the three-year-old war in Ukraine, which could result in a possible easing of sanctions on Russian fuel exports.

• JCI closed down at 6223.39 (-3.84%), where yesterday’s session one had reached its lowest at 6011.84, and had triggered a trading halt for the first time since the covid-19 pandemic due to a decline of more than 5%. Significant correction in conglomerate stocks and indication of BI-7DRR cut in BI Governor’s RDG which will take place today seems to be the trigger for significant correction coupled with unstable macro-social political situation. We expect JCI to continue to be volatile while testing and holding the psychological support number of 6000.

Company News

• FAST: Negative Capital, FAST Offers Private Placement of IDR 80 Billion
• CPIN: Soaring 60.60 Percent, CPIN’s 2024 Profit Hits IDR3.71 Trillion
• BUKA: Stagnant Revenue, BUKA’s Accumulated Loss in 2024 Reached Rp 10.25 Trillion

Domestic & Global News
Minerba Royalty Hike Continues as Industry Shadowed by Mine Closures-Layoffs
Putin agrees to 30-day halt on energy facility strikes but no full Ukraine ceasefire

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