Good news is bad news. The weekly US Initial Jobless Claims data ending September 24 saw 193K (-8% WoW) claims, the lowest level in five months, giving the Fed more room for further Hawkish or FFR hikes +75Bps in November and +50Bps in December. Economists see the US labor market as solid, as employers retain employees, after experiencing recruitment difficulties in 2021 due to Covid-19. The pandemic has forced a number of working-age people out of the workforce, due to the prolonged virus outbreak. Meanwhile, Hurricane Ian that hit Florida could distort Initial Jobless Claims data in the next few weeks. Meanwhile, heavyweights technology stock Apple Inc and Nvidia Corp, which depreciated more than 4%, pushed the Nasdaq down 2.8% or led Wall Street’s declines.
Tax revenues grew 28%, amid the risk of an economic recession in a number of Indonesia’s trading partner countries. In closing 3Q22, investors are watching the government’s decision to target 2023 tax revenues of IDR 2,463 trillion (+28% YoY). The highest record of tax revenue is divided into IDR 1.718 Trillion Tax Revenue, IDR 303.2 Trillion Customs and Excise Revenue, and IDR 441.4 Trillion Non-Tax State Revenue. This target is also in the midst of normalizing the prices of a number of Indonesian export commodities, which makes Windfall profit in 2023 not as high as in 2022. In the midst of a number of sentiments, NHKSI Research projects that the JCI today has the opportunity to move into a bullish reversal, with limited downside potential, within the Support range: 7,000 / 6,980/ 6,900 and Resistance: 7.120 / 7.135-7.150 / 7.200-7.225 / 7.250.
Download full report HERE.