US stock market closed higher by more than 1% amid falling oil prices, and a gathering of Western leaders united against Russia’s invasion of Ukraine. Nasdaq led gains to 1.93%, outpacing the S&P 500 and Dow Jones which rose 1.43% and 1.02%, respectively. Crude oil prices fell more than 2% after the European Union was unable to agree on a plan to boycott Russian oil. Meanwhile, yield on UST10Y rose 8 bps to 2.37%, amid increasing demand for the US dollar (USD), with the USD index going up 0.17%.
JCI managed to close above the psychological level of 7,000, in line with the wellmaintained rupiah against the dollar value, and President Jokowi’s statement that mudik or homecoming for Eid will be allowed this year. Homecoming activities will increase people’s consumption, and encourage the economic wheels. This sparked optimism on the domestic economic outlook. NHKSI Research projects that the JCI will move upward in the range of 7,000 – 7,100.
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