Consumer confidence is stronger, reinforcing expectations of an FFR hike of up to 4.4% in FY22E. One indicator of consumer confidence, Conf. US Consumer Confidence Board Sept. rose to the level of 108.0 (Vs. Aug. 103.6), one of which was supported by falling gas prices. Wall Street opened higher, trying to rise after the DJIA, S&P500 and Nasdaq confirmed experiencing a bear market this year. The three major indexes finally closed mixed, or the Nasdaq rose slightly by 26 points. In addition to concerns about the 3Q22 Earning Results that were below expectations, investors are watching the effectiveness of Hawkish’s discourse of further FFR increases of more than +50 bps in November and December. In the midst of efforts to reduce inflation, continued tight monetary policy has the opportunity to bring the US economy to the threat of a recession in 2023.

Technical rebound towards the end of 3Q22. In the midst of Wall Street and European markets that are trying to rise, NHKSI Research projects that the JCI today is Slight Technical Rebound, Limited Upside with Support: 7,110-7,100 / 7.075-7,040/7,000 and Resistance: 7.135-7,155 / 7,180 / 7,205. On the other hand, the lack of sentiment on economic data this week has made investors begin to pay close attention to the release of Indonesia’s inflation data for the September period, on Monday next week.

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