Nasdaq fell 1.9%, as Social Media and Ad.Tech shares weakened. Meanwhile, the rise in shares of American Express issuer following an optimistic forecast, offset Wall Street’s pressure. The Dow Jones and S&P500 closed down 0.4% and 0.9%, respectively. Over the weekend, investors also focused on the FOMC Meeting and the release of this week’s 2Q22 US GDP data. The Fed is projected to raise the FFR by only 75 bps to 2.25%-2.50%, as inflation projections begin to be controlled. US GDP 2Q22 is projected to grow 0.5% QoQ (Vs. 1Q22 -1.6% QoQ). Meanwhile, the S&P Global US Services PMI and July Composite PMI saw their first contraction in two years, deepening concerns the economy was hampered by high inflation.

Bloomberg Survey: July Core Inflation 2.9% YoY, still within BI’s target of 2%-4% confirms that inflation has not become a concern for market players. Investors are watching Banking and Consumer Non-Cyclicals ahead of some Earning Results this week. Technology also benefited from low interest rates, rising 2.9% or leading sectoral gains over the weekend. NHKSI Research projects that the JCI will move upward in the range of 6,700-6,900. However, the BI 7DRRR which remains low at 3.50% has the potential to depreciate IDR. Meanwhile, the Healthcare sector fell 0.4%, in line with the import-based, or using raw materials which was dominated by imports, Pharmacy Subsector.

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