Today’s Outlook:
• Dow Jones and others ekes out on Monday (18/09/23), as gains in the Technology and Energy sector offset weakness in Tesla shares in the Consumer sector just a day ahead of the FOMC Meeting. Apple shares rose more than 1% as some Wall Street cheered signs of stronger demand for the tech giant’s newly launched iPhone 15. On the other hand, Energy stocks, which are up about 20% since July, continued to add to recent gains underpinned by a climb in oil prices to November 2022 highs amid ongoing optimism following recent supply cuts extensions by Saudi Arabia and Russia. Later tonight, the US will release important property sector data, namely Building Permits & Housing Starts (Aug).
• The 10-Year Treasury yield briefly tested recent highs of around 4.4% before giving up gains, ahead the Federal Reserve’s two-day meeting, that many expected will end in a decision to hold rates steady at the current level. the Fed will also deliver fresh projections on economic outlook including inflation and unemployment as well as guidance on the US economic outlook. The Fed has previously projected that interest rates will likely peak at a 5.50% to 5.75% range, suggesting one more hike
still to be delivered; but recent signs of slowing inflation have raised hopes that the central bank may choose to hold rates higher for longer rather than deliver an additional hike.
• EUROPEAN MARKETS: Eurozone will announce CPI (Aug) which is expected to be flat at 5.3% yoy, the same as the previous month, although on a monthly basis it detected a 0.6% mom increase from deflation of minus 0.1% in July.
• JCI again retreated regularly after testing the psychological level of 7000 (yesterday’s high 6998.36) and finally closed below MA10 & MA20 Support, making 6950-6960 as the closest Resistance now. NHKSI RESEARCH has to remind us not to add too much buying as the market has high volatility, which never confirmed to break the 7000 level.
Company News
• HEAL : Expanding Hospital Network
• KRAS : Develop Krakatau Urban Valley
• WSKT : IDR149.62 Billion Debt Restructuring
Domestic & Global News
• Carbon Trading Through Carbon Exchange Starts September 26
• Oil Prices Rise as Tight Supply Outlook Offsets Demand Woes
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