• All three major US stock indexes rose in light trading a day after the Christmas holiday, with the S&P 500 touching its highest intraday level since January 2022. On Friday, the three indexes notched their eighth straight weekly gains – their longest weekly winning streaks in years – as economic data indicated inflation is easing down
closer to the Fed’s average annual 2% target. The S&P 500 is on track to post its all-time closing high reached in January 2022. Closing above that level (4,796.56) would confirm the benchmark index has been in a bull market since touching the bear market nadir, the closing low reached in October 2022. Light volume stock market trading the day after Christmas also took place in Australia, Hong Kong; while the UK and Germany were closed for Boxing Day.
• The yield on 10-year Treasury notes was down a touch at 3.895%, while the two-year U.S. Treasury yield was up 1.8 basis points at 4.3584%. The dollar index slipped 0.17% to 101.47, a hair’s breadth from a five-month low of 101.42 struck on Friday. A soft dollar helped to lift the euro up 0.3% to USD1.104. Investors were still digesting data released on Friday that showed U.S. prices fell in November for the first time in more than 3-1/2 years, underscoring the economy’s durability. The Fed’s most favored inflation gauge, the Personal Consumption Expenditures (PCE) price index, fell 0.1% mom and 3.2% yoy in November. Both results were lower than expectations, suggesting the Inflation trend is safely under control.
• COMMODITY: Oil prices jumped over 3% earlier in the session to the highest in almost a month, as Middle East strife continues; investor hope possible rate cuts will boost global economic growth and fuel demand. US crude trimmed earlier gains to finish up 2.1% at USD75.12 per barrel and Brent was at USD80.66, up 2.01% on the day. Spot gold added 0.7% to USD2,067.19 an ounce.
• JCI firmly set its closing at 7237.52, still orderly on the Uptrend path. In the 3 remaining trading days, NHKSI RESEARCH expects transaction volume to be low, hence the continued YEAR END TARGET at the all-time-high area of 7355-7377 could be continued in January.
• TPIA: BEI Suspends Chandra Asri Petrochemical Shares
• FREN: Selling IDR544 Billion in Assets
• TAPG: Capital Injection for Subsidiary
Domestic & Global News
• Food Prices Still Become a Challenge to Control Inflation Next Year
• Russia Keeps Boosting Oil Refining Rate until Mid-December
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