Today’s Outlook :
• US MARKET : Wall Street closed higher on Wednesday ahead of NVIDIA’s earnings report, which is seen as a key test for the AI-driven stock rally. The S&P 500 rose 1.1% to 7,432.24 points, the NASDAQ gained 1.6% to 26,270.36 points, and the Dow Jones climbed 1.3% to 50,009.35 points.
Market sentiment improved as the bond sell-off eased, pushing U.S. Treasury yields lower and reducing pressure on equities. Optimism also increased after President Donald Trump said the U.S. was in the “final stages” of peace negotiations with Iran. The U.S. 10-year Treasury yield fell below 4.6%, while oil prices weakened amid hopes of a U.S.-Iran agreement.
Despite NVIDIA posting results above expectations, issuing positive secondquarter revenue guidance, and announcing an USD80 billion share buyback, its shares fell 1.3% in after-hours trading as investor expectations had already been extremely high.
Market focus now shifts to Walmart’s earnings report due on Thursday, which will provide insight into U.S. consumer spending and the impact of tariffs on corporate costs.
• EUROPEAN MARKET : European stocks closed higher on Wednesday ahead of NVIDIA’s earnings report, which is expected to provide fresh insight into the AI boom trend. The Stoxx 600 rose 1.5%, Germany’s DAX gained 1.4%, France’s CAC 40 climbed 1.7%, and the U.K.’s FTSE 100 added 1%.
Investors are also awaiting the final April Eurozone inflation data release, while U.K. inflation was reported to have eased. However, markets remain concerned that rising prices could push the ECB and other central banks to raise interest rates again. Rising government bond yields over the past few days had also weighed on equity market sentiment.
• ASIAN MARKET : Most Asian stock markets declined on Wednesday, led by weakness in technology shares following Wall Street’s decline ahead of NVIDIA’s earnings report. Japan’s Nikkei 225 fell 1.5%, TOPIX slipped 1.7%, and South Korea’s KOSPI plunged more than 2.5%.
Samsung shares dropped more than 4% after negotiations with its labor union once again failed to reach an agreement. Local media reported that the planned strike would still proceed starting Thursday, May 21.
In China, the central bank kept its benchmark lending rates (LPR) unchanged for the 12th consecutive month, with the 1-year LPR remaining at 3.00% and the 5-year LPR at 3.50%. However, the policy failed to lift market sentiment as investors remain concerned about weak credit demand and the ongoing property sector crisis. The Shanghai Composite fell 0.5%, the CSI 300 slipped 0.4%, and Hong Kong’s Hang Seng declined 1.1%.
• COMMODITIES :Oil prices rose in early Asian trading on Thursday after U.S. President Donald Trump said Washington was prepared to strike Iran if the country did not agree to a peace deal. However, Trump also stated that he was still willing to delay further military action after previously seeing progress in negotiations with Tehran. Brent crude for July delivery rose 0.5% to USD105.53 per barrel, while WTI gained 0.9% to USD94.83 per barrel.
• INDONESIA : The JCI closed lower again, falling -0.82% to 6,318.5 following the Indonesian President’s speech regarding the 2027 macroeconomic policy draft. The market remained pressured by selling in conglomerate-related stocks and foreign outflows ahead of the May 2026 MSCI rebalancing, particularly in DSSA, BREN, TPIA, and AMMN.
Amid market pressure, defensive blue-chip stocks such as TLKM still managed to strengthen amid concerns over Rupiah weakness against the USD.
USD/IDR sentiment remains the market’s main focus. Bank Indonesia also took a hawkish step by raising its benchmark interest rate by 50 bps to maintain Rupiah stability.
If selling pressure continues, the IHSG could test the 6,000 area as the main psychological support, with a gap area around 6,100. In the short term, investors may monitor stocks with solid fundamentals that are still holding at support areas and offer attractive valuations.
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