Market Recap
JCI closed lower amid the depreciated rupiah. Investors oversaw the mandatory on B20 has not been fully implemented. Top Losers: Basic Industry (-1.58%), Property (-0.63%), Agriculture (-0.52%).
The U.S. and Asia markets finished mixed yesterday after Trump administration urging tough stance on trade and the heightened tension arising from the U.S. and China trade war. On the other side, European market rallied as OPEC’s stance of curbing production volumes sent the global crude prices higher.
Today’s Outlook: Trump’s Speech
Today we estimate JCI to be sluggish with the support range of 5819-5825 and resistance range of 5898-5908. The negative sentiment comes from Trump’s speech before the United Nations General Assembly. Trump stated that its administration will implement hard line stance on trade deal. His stance looms the fears of hardly actualized trade deal between the U.S. and China.
On the other side, investors keep their eyes on the results of FOMC meeting to be finished tonight. The U.S sovereign bond yields consistently hovering at 3.1% sign that investors are aware of the hike in the Fed’s benchmark rate in September and December.
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