Consumer confidence and US home prices fell again, as inflation and high-interest rates have persisted for a long time. The data shows Conf. Board Cons. Confidence US in Nov. dropped to 100.2 (Vs. Oct. 102.2), with S&P CoreLogic Case Shiller AS in Sept. weakened – 1.24% MoM (Vs. Aug. -1.30% MoM). On the other hand, crude oil prices relatively rebounded along with the expectation of China’s Zero-Covid Policy eased, and speculation of OPEC+ production cuts that sent Wall Street to close mixed at the beginning of the week. Although Brent’s crude oil price remains at USD83.03/Barrel, the WTI rose relatively close to the psychological level of USD80/Barrel.
Closing the November trading, NHKSI Research projects JCI today to move sideways again. At the BI Annual Meeting scheduled for today, investors look forward to BI’s views on the economy and monetary policy for the rest of the year and next year. Investors are also likely to wait and see as they look forward to the manufacturing and inflation data released tomorrow. The latest data shows that Indonesian manufacturing has experienced a slowdown in expansion. The November period is projected to turn the inflation back as several food commodities rise, from chicken eggs to rice.
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