The labor market remains solid, keeping the Fed on an Aggressive Hawkish path. In fact, speculation arose that the peak of FFR FY22 stands at the level of 5% or an increase of December FFR by +100Bps after the market opinions were split between 50Bps-75Bps. The Nasdaq weakened, by 180 points, as UST10Y yields again approached an All-Time High of 4.2%; pressed Big Cap. Tech. Stock, Apple Inc., and Alphabet Inc. fell by 4%. Labor data showed that the U.S. Initial Jobless Claims for the week ended Oct. 29 remained low, or as many as 217K claims, relatively the same as the previous week. Investors also focus on another labor data, Change in NonFarm Payrolls U.S. Oct, which will be released this Friday.

Corporate Bonds
LPKR: Pocketing Marketing Sales of IDR3.5 T. PT Lippo Karawaci Tbk (LPKR) recorded their marketing sales or presales of IDR3.5 trillion in 9M22, equivalent to 68% of the 2022 target. Most of the presales were driven by the successful launch of landed house projects for first homeowners, such as the Cendana Homes Series in Lippo Village and Waterfront Uptown Estates in Lippo Cikarang, contributing 47% to the total presale within the January-September 2022 period. (Kontan)

Domestic Issue
The Government Officially Rises Tobacco Excise Tax by 10%. The government decided to increase the excise tax on tobacco products for cigarettes by 10% in 2023 and 2024. In detail, the increase that is applied in machine-rolled clove cigarettes, machine-white cigarettes, and food clove cigarettes will be different according to their category. (Kontan)

Tobacco Excise Tax 10% and Bank’s Core Capital sentiments ahead of Indonesia’s GDP data release. The government officially increased the tobacco excise tax by 10% in 2023 and 2024, amid cigarette consumption as the second largest household consumption after rice. Investors are also paying close attention to OJK’s statement, with no extension of time to fulfill the bank’s core capital of IDR3 trillion, raising the option of forced mergers, grade reductions, and voluntary liquidation became more narrow. Investors’ attention also began to be drawn toward Indonesia’s GDP data release on Monday. Amid a number of sentiments, NHKSI Research projects JCI today to move bullish or technical rebound, but with limited upside.

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