Market Recap
Following regional bourses, JCI closed higher on Friday, 11/02/18. The consumer sector is the main bolster relating to the cancelation of cigarette excise rate hike. Top Gainers: Property (+2.41%), Consumer (+2.41%), Finance (+1.40%).

European and Asia bourses rallied on Friday due to possible easing trade war tension between China and the U.S., prompted by talks between the two nations. Hong Kong bourses roared 4%. On the other hand, the U.S. market is suppressed the tech. sector. The U.S. investors concerned about the faster rates hike than estimate.

Today’s Outlook: 3Q18 GDP Growth Release
We estimate JCI to rally with the support range of 5867-5874 and resistance range of 5957-5967. Today investors will keep their eyes on the release of Indonesia’s 3Q18 GDP. The consensus estimates that 3Q18’s GDP will reach 5.18% y-y, lower than 2Q18’s GDP of 5.27%. Investors are likely to digest the growth in the consumption sector. Now, the consumption sector is the contributor to the growth as the investment sector decelerated.

From the global outlook, positive sentiments derive from further decline in global crude prices. The U.S. spared 8 jurisdiction from Iran-related sanctions.

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