Today’s Outlook:

• The S&P 500 and Nasdaq are on track for losses of about 3%. The Dow is off 3.4% in the period, heading for its worst week since March 2023. The broad market index briefly dipped into correction territory on Tuesday, down 10% from a record set in February. In Wednesday’s regular trading, beleaguered tech stocks caught a bid as investors snapped up shares, lifting the Nasdaq Compositeto a 1.2% gain and carrying the S&P 500to a 0.5% advance. The tech sector was the top performer in the session, up nearly 1.6% as Nvidia and Palantir Technologies surged. The 30-stock Dow was an outlier, however, notching a third straight losing day and falling 0.2%.

• MARKET SENTIMENT : US February Initial Jobless Claim will be released, alongside February’s PPI. The US will also hold its 30-Year Bond Auction on Thursday.

• FIXED INCOME AND CURRENCY : U.S. Treasury yields were higher Wednesday, a sign of relief after a softer inflation report eased some concerns about the economy. The benchmark 10-year Treasury yield rose more than 3 basis points at 4.322%. The 2-year Treasury yield rose nearly 6 basis points to 3.997%, after falling to its lowest level since October on Tuesday morning. One basis point is equal to 0.01%, and yields and prices move in opposite directions. The bond market in recent weeks has increasingly priced in fears of slowing growth, with the 10-year U.S. Treasury yield falling to around 4.1%, down from about 4.8% in January. The dollar strengthened 0.37% to 148.31 yen against the Japanese yen . Against the Swiss franc , the dollar weakened 0.06% to 0.882 after giving up gains in early trade. The greenback is trading down against both currencies so far this month. The U.S. dollar weakened against the Canadian dollar, trading down 0.44% to C$1.4370 per dollar. It is down 0.66% against the loonie in March.

• EUROPE : European markets saw broad gains on Wednesday, even after the European Union announced retaliatory tariffs on a swathe of U.S. imports and President Donald Trump suggested further counter-measures would follow. The regional Stoxx 600 index closed 0.8% higher, climbing down from earlier gains, but with major bourses remaining in positive territory. German stocks led gains, with the DAX index climbing 1.56%. Retail stocks sustained heavy losses on Wednesday, with the Stoxx Europe Retail Index down 3%. It was dragged lower by Spanish fashion giant Intidex, down 7.5%, after its fourth-quarter results showed a recent sales slowdown. However, market sentiment in Europe was boosted as talks between U.S. and Ukrainian officials in Saudi Arabia on Tuesday ended with Ukraine agreeing to an immediate 30-day ceasefire negotiated by the U.S. if Russia accepts the plan.

• – The euro was trading down 0.26% at $1.0889. The currency has gained nearly 5% against the U.S. dollar so far in March. The euro eased after hitting a five-month peak of $1.0947 on Tuesday as Ukraine said it was ready to support Washington’s proposal for a 30-day ceasefire with Russia. The Kremlin said on Wednesday it was waiting for details from the U.S. Europe’s single currency has been flying high on the promise of massive fiscal spending by Germany, although the situation has become more complex after the Greens party vowed to block those plans and unveiled rival proposals. And one of the reasons is people don’t sell their favorite stocks when they’re down 10 or 15%.

• – The British Sterling eased after hitting a four-month high of $1.29900 on the session. It was up 0.16% to $1.29680.

• ASIA : Asia-Pacific markets rose on Thursday after a soft inflation report in the U.S. helped two of the three benchmarks on Wall Street reverse course from two days of losses. The consumer price index — a broad-based measure of costs across the U.S. economy — increased 0.2% month-on

-month in February, putting the annual inflation rate at 2.8%. Over in Japan, the benchmark Nikkei 225 picked up 1.22% at the open, while the broader Topix index rose 0.96%.South Korea’s Kospi index gained 0.70% in early trade, while the small-cap Kosdaq advanced 0.47%. Futures for Hong Kong’s Hang Seng Index stood at 23,633, pointing to a stronger open compared to the HSI’s close of 23,600.31. Investors will be keeping a watch on Indian stocks after the South Asia giant’s inflation rate cooled to a lower-than-expected 3.61% in February as vegetable prices edged down.

• – The dollar strengthened 0.37% to 148.31 yen against the Japanese yen . Against the Swiss franc , the dollar weakened 0.06% to 0.882 after giving up gains in early trade. The greenback is trading down against both currencies so far this month.

• COMMODITY : OIL prices edged up early on Wednesday, helped by a weaker dollar, but mounting fears of a U.S. economic slowdown and the impact of tariffs on global economic growth capped gains. Brent futures rose 27 cents, or 0.39%, to $69.83 a barrel, while U.S. West Texas Intermediatecrude futures gained 29 cents, or 0.44%, to $66.54 a barrel. Despite the weakening economic outlook, oil held steady in a positive position. The dollar index, which fell 0.5% to fresh 2025 lows on Tuesday, boosted oil prices by making crude less expensive for buyers holding other currencies. GOLD was up 0.7% at $2,935.59. The concern continues to be that we’re going to have tariffs and that will ultimately potentially cause some inflation. Data showed that the U.S. consumer price index rose 0.2% last month after accelerating 0.5% in January. However, the improvement is likely temporary against the backdrop of aggressive tariffs on imports that are expected to raise the cost of most goods in the months ahead. Non-yielding gold thrives in a low interest environment and is considered a safe investment during periods of economic and geopolitical turmoil.

• – The U.S. dollar weakened against the Canadian dollar, trading down 0.44% to C$1.4370 per dollar. It is down 0.66% against the loonie in March. The Bank of Canada trimmed its key policy rate by 25 basis points to 2.75% and warned of “a new crisis” as it tried to prepare the country’s economy for the damage that Trump’s tariffs could wreak.

• JCI rebounded 1.82% to 6665 after touching its support @ 6531. NHKSI Research anticipates JCI to be at a sideways trend below 6500 as a solid resistance and 6000 as the next base support after breaking out of its previous solid support at 6393. Although during last 3 days JCI made a great bounce back after touched 6300 support area and several big banks also gained some net foreign buy/inflow, please mind the correction if JCI can’t break and close above 6650 resistance today.

Company News

• SSMS: Surplus 60 Persen, SSMS 2024 Tabulasi Laba Rp819,53 Miliar
• TOBA: Meroket 260 Persen, Laba TOBA 2024 Tembbus USD28,47 Juta
• INKP: Pefindo Rilis Surat Utang Grup Sinarmas Jatuh Tempo 2025

Domestic & Global News
PLN bakal Tambah Daya Listrik 2,4 GW dari EBT Tahun Ini
Trump mengancam tarif lanjutan karena Uni Eropa dan Kanada membalas tarif yang sudah berlaku

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