Today’s Outlook:

• The Dow Jones Industrial Average jumped about 429 points, or 1%. The S&P 500 added 1.4%, while the tech-heavy Nasdaq Composite gained roughly 1.9%. Shares of Tesla, which have fallen nine straight weeks, were up more than 9%, adding to its Friday gains. Meta and Nvidia each climbed about 3%. Investors remain jittery over a potential rise in inflation and recession ahead of Trump’s April 2 start date for reciprocal tariffs. But sentiment appears uplifted on reports that the tariffs could be more narrow in scope and that sector-specific tariffs are expected to be delayed. In recent weeks, recession concerns were exacerbated by weakening consumer sentiment data. Stocks rapidly fell starting in late February with the S&P 500, at one point, closing in correction territory. Trump on Friday told reporters that there could potentially be “flexibility” for his reciprocal tariff plan, which had helped push major averages into the green for the session and avoid four straight weekly losses for the S&P 500.

• FIXED INCOME AND CURRENCY : The benchmark 10-year Treasury note yield rose more than six basis points to 4.317%, and the 2-year Treasury yield was also nearly six basis points higher at 4.007%. U.S. Treasury yields were higher on Monday on reports President Donald Trump was backing off an all-out trade war, raising hope the U.S. economy could keep its expansion going. The dollar jumped to multi-week highs against the euro and yen on Monday after data showed U.S. business activity picked up in March, after earlier rising against Japan’s currency on reports U.S. President Donald Trump will be flexible with upcoming tariffs. The dollar was last up 0.7% on the day against the Japanese currency at 150.35 yen. It earlier reached 150.39, the highest since March 3. The euro fell 0.09% to $1.0804 and slid as low as $1.079, its weakest since March 7. Sterling gained 0.09% to $1.2926 ahead of British finance minister Rachel Reeves’ spring budget update later this week. The Turkish lira slightly weakened to about 38 per dollar after a Turkish court on Sunday jailed Istanbul Mayor Ekrem Imamoglu, President Tayyip Erdogan’s main political rival, pending graft charges, which Imamoglu denies. The lira briefly lurched to a record low of 42 per dollar last week, when Turkey’s central bank said it had suspended one-week repo auctions and hiked its overnight lending rate to 46%, a move that economists say amounts to a tighter policy stance.

• EUROPE : The pan-European Stoxx 600 ended 0.13% lower, with Germany’s DAX down 0.17%, France’s CAC 40 down 0.26%, and the U.K.’s FTSE 100 down 0.1%. The travel and leisure sector was up 0.55% after London’s Heathrow Airport reopened on Saturday following a power outage caused by a fire at a nearby electrical substation that disrupted Friday service. British Airways owner IAG was up 0.8%. Swedish defense firm Saab gained 4.5% after UBS upgraded its stock from neutral to buy, saying the company is well-positioned for the defence spending upside.

• -The euro fell 0.09% to $1.0804 and slid as low as $1.079, its weakest since March 7. Sterling gained 0.09% to $1.2926 ahead of British finance minister Rachel Reeves’ spring budget update later this week.

• ASIA : Hong Kong’s Hang Seng Index advanced 0.91% to close at 23,905.56 and mainland China’s CSI 300 rose 0.51% to close at 3,934.85 after China’s Premier Li Qiang cautioned “rising instability” and called for countries to open up markets and enterprises. Australia’s S&P/ ASX 200 added 0.07% to close at 7,936.9. South Korea’s Kospi was down 0.42% to close at 2,632.07 while the small-cap Kosdaq added 0.11% to close at 720.22 after South Korea’s Prime Minister Han Duck-soo’s impeachment was struck down by the country’s Constitutional Court. Japan’s Nikkei 225 slipped 0.18% to close the trading day at 37,608.49 while the Topix lost 0.47% to close at 2,790.88. Asia-Pacific markets are mostly higher Monday as U.S. President Donald Trump’s April 2 tariff deadline looms.

• -The dollar was last up 0.7% on the day against the Japanese currency at 150.35 yen. It earlier reached 150.39, the highest since March 3

• COMMODITIES : Gold prices dropped on Monday as the dollar touched an over two-week high, while investors took stock of U.S. President Donald Trump’s more cautious stance on tariffs against trading partners. Spot gold fell 0.4% to $3,010.33 an ounce. U.S. gold futures edged down 0.2% to $3,015.50. After Trump’s recent certainty about tariff, Investors now await U.S. Personal Consumption Expenditures data due on Friday, the Fed’s preferred inflation measure. Meanwhile, U.S. and Russian officials held talks in Saudi Arabia aimed at making progress towards a broad ceasefire in Ukraine, with Washington eyeing a separate Black Sea maritime ceasefire deal before securing a wider agreement. Brent crude futures rose 61 cents, or 0.85%, to $72.77 a barrel by 1:15 p.m. ET. U.S. West Texas Intermediate crude was up 59 cents, or 0.86%, at $68.87. Oil prices gained 1% on Monday as U.S. President Donald Trump said he will impose 25% tariff on countries that buy oil, gas from Venezuela, and on the back of new U.S. sanctions on Iranian exports. Price gains were however capped by news that OPEC+′ will likely proceed with planned May oil output hike, and talks to end the war in Ukraine, which could increase supply of Russian crude to global markets.

• JCI closed in the red zone on Monday, closing at 6161.22 (-1.55%). In the first trading session yesterday, JCI had experienced a decline of – 4.65% which almost led to a trading halt, as well as breaking down the 6000 psychological support. An immediate rebound occurred in session one when DCII and several Barito Group stocks reversed, where the conglomerate stocks have a sizable weight in JCI, which made JCI managed to move back above the 6000 mark. The pace of decline in JCI may start to experience a limited decline if we look at the net foreign sell flow which started to slow down ( IDR 103B for the regular market yesterday). Market will continue to experience high volatility due to unstable socio-political and economic conditions in the country, therefore scalp-buy is an ideal alternative strategy to move in this kangaroo market.

Company News

• PNBN: Buyback! PNBN Offers Rp500 Billion Budget
• MIKA: Growing 25 Percent, MIKA 2025 Raise Net Profit of Rp1.14 Trillion
• CNMA: Cinema XXI Agrees to Rp750M Dividend

Domestic & Global News
Airlangga: JETP Continues Despite US Withdrawal
Hyundai Invests US$21 Billion in Steel Plants in the United States, Effects of Trump’s Import Tariffs?

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