Big Tech. Stocks pushed the Nasdaq up by 300 points. The share price of Google’s parent company, Alphabet, followed by Apple and Microsoft, experienced a Technical Rebound after the investors responded negatively to the performance of 3Q22 Earning Results before. Nasdaq appreciation was nearly 3% or led the Wall Street’s gain, ahead of the FOMC Meeting this week. From an economic standpoint, inflation and wage growth slowed, giving the December Dovish FFR room to go up by just +50Bps (Vs. Surv. +75Bps). Inflation expectations showed that U. of Mich. 1Y Inflation AS Oct. fell to 5.0% (Vs. Sept. 5.1%). Meanwhile, Personal Spending Sept. remains at the level of 0.6% MoM, making wage growth slow, or the 3Q22 Employment Cost Index grew only 1.2% (Vs. 1.3% 2Q22).

GDP grew slowly on a quarterly basis, as high inflation in Sept. (1.17% MoM Vs. Aug. deflation 0.21% MoM) restrained public consumption. Based on a Bloomberg survey, Indonesia’s 3Q22 QoQ GDP is projected to grow by only 1.66% (Vs. 3.72% 2Q22), which data will be released next week. Additionally, the high inflation in Sept. is fully impacted by the increase in subsidized fuel prices by 30%. This week, investors are looking forward to the release of Indonesia’s Oct. inflation data which is projected to be only 0.09% MoM. In line with the normalization of several food commodities prices. To close the October trade, NHKSI Research projects JCI to move bullish today.

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