US Unemployment Rate Oct. MoM rose to 3.7% (Vs. Sept. 3.5%), giving the Dec. FFR a Dovish room by just +50Bps (Vs. Nov. +75Bps). Wall Street rallied 1%, with the Dow up by 400 points. Fed Pivot’s hope this December is to push the DXY down to 110 points, also boosting gold’s Safe Haven with a daily Spot Rate up by 3% exceeding the USD1,680/ Ounce level. Additionally, the 5% Brent and WTI oil price hike happened amid the European Union’s ban on Russian oil and speculation about China’s Zero-Covid policy ending.
Low base and household consumption sustained Indonesia’s GDP in 3Q22, projected to grow 5.59% YoY (Vs. 5.44% YoY 2Q22), according to a Bloomberg survey. 3Q22 GDP seems to stand high compared to the 3Q21 low base, which only grew 3.51% YoY, along with the increase in Covid-19’s Delta variant case that suppressed the growth within that period. Additionally, the 3Q22 GDP will also be supported by public consumption, in line with an increase in public mobility. Ahead of IPOs that will color the market this week, NHKSI Research projects JCI today to move bullish with limited upside.
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