The volatility of energy commodities amid the easing of China’s Zero-Covid Policy. Oil prices are approaching its lowest level this year, as US fuel supplies are above forecast, causing Brent and WTI oil to come near to the Lowest Level of USD73.7/Barrel and USD70.6/Barrel of YtD, respectively. Continued pressure on oil prices is also in line with the global economic growth projected to weaken. In contrast to Newcastle’s ICE price, which rose again to break the psychological level of USD400/Ton, influenced by rising European gas prices. On the other hand, besides the increase in Indonesia’s Foreign Exchange Reserves (Cadev), the positive catalyst for consumer optimism is relatively holding JCI to go down further. Consumer Confidence Index Indonesia in Nov. was at the level of 119.1 (vs. Oct. 120.3), or still stayed in the optimistic area (>100). Additionally, Indonesia’s Cadev in Nov. is worth USD134 billion (vs. Oct. USD130.2 billion). The Cadev gain is supported by Foreign Inflow within the Government Securities (SBN) market, attractive yields of Government Bonds (SUN) for FR91 and FR87, as well as low supply along with the SBN Auction 2022 that ended on 6 December.

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