Today’s Outlook:
• Nasdaq led the US stock market gains by rising 1.14% on the back of a 10% jump in Tesla’s share price after Morgan Stanley upgraded the electric car maker to “overweight” from “equal-weight,” saying its Dojo supercomputer could boost the company’s market value by nearly USD 600 billion. The markets are also looking forward to Apple’s iPhone 15 launch due Tuesday, ahead of inflation data (Aug.) announcement later on Wednesday at around 19:30 Western Indonesia Time, where indeed the US Consumer Price Index (CPI) both on a monthly and annual basis is predicted to rise from the previous period due to an increase in household & food costs. Following this inflation data, traders see a 93% chance that the central bank will hold its interest rates at current levels at its September meeting, while chances of another rate cut in November stand at 57%, according to the CME FedWatch Tool. Fed officials have entered a blackout period, during which they usually do not make public comments, until the policy decision outcome on Sept. 20.
• China reported a massive increase in credit disbursed during August, reaching CNY 1360 billion, higher than the forecast of CNY 1200 billion and far greater than July’s CNY 345.9 billion. This raised hopes that the economy of the world’s second largest country would be able to move more vigorously. In contrast, Indonesia recorded weak car, motorcycle and retail sales in July & August despite the GIIAS 2023 event in Jakarta on August 10-20.
• From Europe, the UK employment data will be released later this afternoon, followed by the German ZEW Economic Sentiment (Sept.).
• Commodities: Gold prices rose in Monday’s trading (11/09/23), as the US Dollar fell ahead of this week’s Inflation data, while Copper prices rose sharply as while copper prices rose sharply as Chinese inflation data showed some signs of improvement. The yellow metal was nursing a steep loss from last week, as concerns over sticky inflation and higher-for-longer U.S. rates pushed the dollar to a near six-month high.
• JCI appears to have successfully tested the Support of the upper Flag area and is now back perched above its short-term Uptrend path. NHKSI RESEARCH suggests to be prepared to AVERAGE UP when the 6970 level is broken. Especially if JCI Closing is steadily stay above the psychological 7000 level; because it will open the way to the 7100 / 7175 TARGET.
Company News
• BSML: Holds Right Issue, Seeks Additional Capital of IDR 120 M
• DILD : Realized CapEx of IDR 518 Billion in the First Semester of 2023
• KLBF : Ready to Export Lung Cancer Therapy Drug to 12 Countries
Domestic & Global News
• Jokowi Opens Option for Indonesia to Import Rice Again in 2024
• US Chooses Vietnam to Oppose China in Semiconductor Industry, Why Not RI?
Download full report HERE.
