Wall Street stocks were mixed ahead of retail sales data. Nasdaq fell 1.2%; followed by the S&P 500 that was down 0.4%. Meanwhile, Dow Jones closed up 0.08%. Investors focused on the release of US retail sales data on Tuesday (17/05) local time, following last week’s CPI and PPI data which remained high. Yesterday’s movement was also amid data of China’s April industrial production which fell 2.9% YoY (Vs. Mar. +5.0% YoY), and China’s April retail sales fell 11.1% YoY (Vs. Mar. -3, 5% YoY).

After declining to 6,511, JCI at the weekend tried to rebound and finally closed relatively flat at the level of 6,597. Almost all sectors strengthened, led by transportation & logistics, energy, and consumer non-cyclicals. JCI movement on Friday was amid the release of April forex reserves data which fell USD 3.4 billion, to USD 135.7 billion in line with the volatility of the rupiah exchange rate. Today, investors are looking forward to the release of trade balance data, exports and imports in April, and we project the JCI to move upward with a range of 6,500 to 6,700.

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